Visa U.S.A, Inc.

has been retained at an overall risk rating of “Medium–3”, based on the most recent
financials of its parent, Visa, Inc. (VISA). The rating reflects its dominant position in the global
electronic payments market, its highly scalable business and large revenue base of $24.1 billion in
FY21.

Visa generated $14.3 billion revenues in YTD’22 (up 24.8% y-o-y), benefitting from the ongoing
recovery in cross-border transactions and easing of travel restrictions following the pandemic.
Moreover, the Company’s optimum cost structure resulted in high margins—EBITDA and net income
margins of 69.1% and 51.1% respectively, in FY21.

The rating is also supported by the Company’s strong credit profile—manageable debt in capital
structure (36.9% as of Q2’22) and a low leverage ratio of 1.1x as of LTM Q2’22. Further, Visa
maintained healthy cash reserves of $12.3 billion as of March 31, 2022, driven by its strong
operating cash flows of $16.1 billion during LTM Q2’22, partly offset by cash acquisitions (acquired
Tink AB for $1.9 billion in March 2022).

Note: In March 2022, the Company suspended its operations in Russia and deconsolidated its Russian
subsidiary. During FY21 and H1’22, total revenues from Russia accounted for ~4% of the Company’s
consolidated revenues.

MAIL

Visa generated $14.3 billion revenues in YTD’22 (up 24.8% y-o-y), benefitting from the ongoing
recovery in cross-border transactions and easing of travel restrictions following the pandemic.
Moreover, the Company’s optimum cost structure resulted in high margins—EBITDA and net
income margins of 69.1% and 51.1% respectively, in FY21.

The rating is also supported by the Company’s strong credit profile—manageable debt in capital
structure (36.9% as of Q2’22) and a low leverage ratio of 1.1x as of LTM Q2’22. Further, Visa
maintained healthy cash reserves of $12.3 billion as of March 31, 2022, driven by its strong operating
cash flows of $16.1 billion during LTM Q2’22, partly offset by cash acquisitions (acquired Tink AB for
$1.9 billion in March 2022).

Note: In March 2022, the Company suspended its operations in Russia and deconsolidated its Russian
subsidiary. During FY21 and H1’22, total revenues from Russia accounted for ~4% of the Company’s
consolidated revenues.