S&P rates Total Systems BBB

Standard & Poor's said it assigned a BBB corporate credit rating to Total Systems Services Inc.

The outlook is stable.

The company entered into an agreement with parent Synovus Financial Corp. (A/Watch negative), under which Synovus plans to distribute all of its Total Systems common shares in a spinoff to Synovus shareholders and Total Systems will become an independent company.

"Our investment-grade rating reflects the company's strong position in the fragmented market for payment processing and merchant acquiring services," S&P credit analyst Phil Schrank said in a written statement.

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