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Research Update: Fidelity National Information Services Inc. Rating Lowered To 'BB'; Outlook Stable Jul 10

  • ID: 2029457
  • July 2010
  • Standard & Poors
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Abstract
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: Downgraded
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, READ MORE >

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- Fidelity National Information Services Inc.
- Metavante Corp.

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown