(The following statement was released by the rating agency)
Oct 02 - =============================================================================== Summary analysis -- Ship Luxco 3 S.a.r.l. ------------------------- 02-Oct-2012 =============================================================================== CREDIT RATING: B+/Stable/B Country: United Kingdom Primary SIC: Computer related services, nec =============================================================================== Credit Rating History: Local currency Foreign currency 15-Aug-2011 B+/B B+/B 08-Sep-2010 --/-- --/-- =============================================================================== Rationale
The ratings on U.K.-based payment processing company, Ship luxco 3 S.A.R.L (Worldpay), reflect Standard & Poor's Ratings Services' view of the group's business risk profile as "satisfactory" and financial risk profile as "highly leveraged", under our criteria.
Worldpay's business risk profile is underpinned by its position as the U.K.'s largest merchant acquirer and payment processor and as a mid-sized player in the large U.S. market, providing full service along the payment chain. Other positive business factors include its solid distribution capabilities in the U.K., long-term growth prospects thanks to increased card payments penetration in U.K. and U.S., and adequate credit and fraud risk management. These factors are partly mitigated, however, by intense competition, notably in the U.S., and significant technology risks.