Joseph W. Saunders, Visa Inc.'s chairman and chief executive officer, affirmed his company's long-term guidance Thursday, despite the difficult macroecononic environment and a changing competitive landscape.

"I'm planning for the worst," Mr. Saunders told investors Thursday morning at a New York conference held by Goldman Sachs Group Inc. But regardless of where the economy "bottoms out, our draconian, worst-case assumptions put us in the position of delivering on our earnings per share and our operating margins."

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