A strong position in the North American market for credit payment-processing and merchant-acquiring services; Solid profitability and cash flow measures; and Moderate leverage. Potential pricing pressure due to competitors and customer consolidation; and Relatively small presence in higher growth international markets. The rating on Columbus, Ga.-based Total System Services Inc. (TSYS) reflects Standard&Poor's Ratings Services' expectation that the company's good position in the global payment processing industry will enable it to maintain consistent profitability and a moderate leverage profile. In our view, the company has a satisfactory business profile, reflecting a strong position in the North American market for credit payment-processing and merchant-acquiring services. Key competitive advantages are the company's technology, process efficiency, and delivery capabilities. This market
