Summary: Lender Processing Services Inc. Sep 08

Standard & Poors, September 2008

Abstract
The ratings on Jacksonville, Fla.-based Lender Processing Services Inc. (LPS) reflect the company's recurring revenue base and good free cash flow, offset by a narrow and cyclical product focus and a moderately aggressive capital structure. With revenues of about $1.7 billion, LPS has operations in technology, data, and analytics (TD&A), which includes mortgage processing services and loan transaction services that include settlement and default management services. Consolidated operating margins are greater than 30%, and although TD&A accounts for only one-third of revenues, it constitutes almost half of the company's EBITDA. LPS is vulnerable to economic cycles, especially in its mortgage origination processing business. However, the natural hedge that exists between the company's complimentary loan origination and default management services mitigates...

Companies mentioned in this report are: Lender Processing Services Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Lender Processing Services Inc.

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