Strong position in the fragmented market for payment processing and merchant acquiring services. Barriers to entry are high. Moderate financial policy, predictable cash flow, and solid profitability measures. The pricing environment is pressured by competitors and by industry consolidation. The potential for moderate acquisition activity or shareholder friendly initiatives. Columbus, Ga.-based Total System Services Inc. (TSYS) has been spun off from parent Synovus Financial Corp. and is a fully independent company. Standard&Poor's Ratings Services' investment-grade rating on TSYS reflects the company's strong position in the fragmented market for payment processing and merchant-acquiring services, which translates into a sizable stream of recurring revenues and good cash flow. With total revenues of about $1.8 billion in 2007, the company has
