Very strong global market share position and franchise Limited credit risk Negligible financial institutions customer credit losses Strong cash flow through the economic cycle Retrospective responsibility plan that 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 economy The ratings on Visa Inc. reflect Standard&Poor's Ratings Services' view of the company's strong global market share, strong franchise in the field of retail electronic payment networks, and relatively low exposure to credit risk. A strong history with negligible financial institutions credit losses to
