Very strong global market share position and franchise Limited credit risk Negligible financial institutions customer credit losses to date Strong cash flow generation through the economic cycle Retrospective responsibility plan fully covers major litigation exposures Legal disputes and regulatory pressure aimed at fundamental aspects of core business principles (interchange) Increasing concentration of issuers and merchants leading to increased bargaining power, revenue, and credit risk concentration Pressure on consumer spending (and thus transaction volumes) due to macroeconomic trends The ratings on payment solutions company Visa Inc. are based on our assessment of Visa's strong global market share position and franchise in the field of retail electronic payment networks, and its relatively low exposure to credit risk. A strong history with negligible
