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Moody's affirms Global Payments, changes outlook to positive

Moody's has affirmed payment technology service provider Global Payments Inc.'s Ba2 corporate family rating and changed its ratings outlook to positive from stable.

The rating agency said the positive outlook reflects the successful integration of Heartland Payment Systems LLC and its expectation for continued solid earnings growth. The outlook also reflects Moody's view that Global Payments will generate free cash flow in excess of $700 million and improve total debt to EBITDA to below 4x by the end of the year.

Moody's said the rating reflects Global Payments' solid revenue and earnings growth. The company, which is facing intense competition, has a competitive advantage due to its strong distribution capabilities and the integration of a large share of its payments services with software applications, according to the rating agency.