NEW YORK (AP) -- Standard & Poor's Rating Services on Friday upgraded its credit rating on Total System Services Inc., citing strong growth potential for electronic payment service company.
The rating agency raised Total System's one notch in investment grade status to "BBB+" from "BBB." The rating outlook is stable.
Standard & Poor's said that as one of the market leaders in a growing industry, the company's prospects for revenue growth are strong. It also has an edge over some competitors thanks to its unique technology and efficient processing systems. S&P said it expects the company will be able to grow its card-issuer and merchant-payment processing markets to improve its profitability.
Shares of the company, which is based in Columbus, Ga., rose 10 cents to $23.59 in afternoon trading.