Visa Inc.'s Proposed Senior Unsecured Debt Rated 'AA-'

NEW YORK (S&P Global Ratings) May 24, 2022--S&P Global Ratings today assigned its 'AA-' debt rating to Visa Inc.'s proposed offerings of three issues of euro-denominated senior unsecured debt. We expect the company to use the proceeds for general corporate purposes, potentially including the repayment of $1.0 billion and $2.25 billion of senior notes due in September 2022 and December 2022, respectively. Visa's earnings have been rising at a strong pace following a downturn early in the COVID pandemic with payment volumes now at more than 140% of where they were three years ago. Our stable outlook on Visa reflects our expectation that it will maintain low leverage and robust liquidity without any major disruptions in the next two years

...May 24, 2022 NEW YORK (S&P Global Ratings) May 24, 2022--S&P Global Ratings today assigned its '##-' debt rating to Visa Inc.'s proposed offerings of three issues of euro-denominated senior unsecured debt. We expect the company to use the proceeds for general corporate purposes, potentially including the repayment of $1.0 billion and $2.25 billion of senior notes due in September 2022 and December 2022, respectively. Visa's earnings have been rising at a strong pace following a downturn early in the COVID pandemic with payment volumes now at more than 140% of where they were three years ago. Our stable outlook on Visa reflects our expectation that it will maintain low leverage and robust liquidity without any major disruptions in the next two years from technological advancement, litigation, or regulation. More specifically, we expect Visa to operate with debt to EBITDA of about 0.6x-1.0x, as we measure it, and with EBITDA margins near 70%....

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