Research Update: Fidelity National Information Services Inc. Rating Lowered To 'BB'; Outlook Stable Jul 10
- ID: 2029457
- July 2010
- Standard & Poors
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
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