Research Update: Fidelity National Services Inc. 'BB' Rating Affirmed After $150M Note Add-On Announced Dec 11
- Language: English
- Published: December 2011
FIS has decided to pursue a leveraged recapitalization, issuing $2.6 billion of incremental debt to repurchase its common stock through a Dutch auction tender offer. We are lowering our corporate credit rating on the company to 'BB' from 'BB+' and removing it from CreditWatch. We are assigning our 'BBB-' issue and '1' recovery ratings to FIS' proposed extended senior secured term loan A2 of up to $2 billion, the proposed new $1.4 billion senior secured term loan B, and the incremental and extended revolving credit facility of up to $933 million. The stable outlook reflects FIS's diversified and recurring revenue model. On July 1, 2010, Standard & Poor's Ratings Services lowered its corporate credit rating on Jacksonville, Fla.-based Fidelity National...
Companies mentioned in this report are: Fidelity National Information Services Inc.,Metavante Corp.
Action: Removed From CreditWatch
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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.
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Fidelity National Information Services Inc.,Metavante Corp.