...March 31, 2020 NEW YORK (S&P Global Ratings) March 31, 2020--S&P Global Ratings today assigned its '##-' debt rating to Visa Inc.'s (##-/Stable/A-1+) proposed offerings of up to $4 billion in three issues of senior unsecured debt. We expect the company to use the proceeds for general corporate purposes and to bolster its liquidity during a time of significant economic stress and market volatility caused by the coronavirus pandemic. The company announced the issuances after lowering its expectations for its second fiscal quarter, ending March 31, and suspending its guidance for the full fiscal year. If S&P Global economists' current forecast for a first-half U.S. and global recession and a second-half recovery proves correct, we would expect Visa's performance to suffer in the coming months meaningfully before regaining at least some of its momentum in the remainder of the year. The combination of the debt issuances, its pending $5 billion acquisition of Plaid, and a slowdown or contraction...
