Leading North American provider of card processing services for card issuers and merchants. Solid profitability and cash flow measures. Moderate leverage. Potential pricing pressure and client loss due to customer consolidation and competition. Relatively small presence in higher-growth international markets. The rating on Columbus, Ga.-based Total System Services Inc. (TSYS) reflects our expectation that the company's leading market positions in card issuer and merchant payment processing markets will enable it to maintain consistent profitability and a moderate leverage profile. In our view, the company has a "satisfactory" (as defined by our criteria) business profile, reflecting a strong position in the North American market for both card issuer services and merchant processing services. Key competitive differentiators are the company's technology, process
