Research Update: Fidelity National Information Services Upgraded To 'BB+'; Off CreditWatch; Outlook Is Stable Jul 08
- ID: 1872310
- July 2008
- Standard & Poors
On July 2, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Jacksonville, Fla.-based Fidelity National Information Services Inc. (FIS) to 'BB+' from 'BB'. At the same time, we removed the ratings from CreditWatch, where they had been placed with developing implications on April 28, 2008. The outlook is stable. Standard & Poor's withdrew its bank loan and recovery ratings on FIS' $1.6 billion secured term loan B facility. FIS is retiring the debt in conjunction with the spin-off of its Lender Processing Services segment, now a public company known as Lender Processing Services Inc. (LPS). We also raised the issue-level rating on FIS' outstanding $200 million 4.75% secured notes due 2008 to 'BBB' (two notches higher...
Companies mentioned in this report are:
- Fidelity National Information Services Inc.
- Lender Processing Services Inc.
Action: Outlook: Stable
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >