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Research Update: Fidelity National Information Services Inc. BB+ Rtgs Affirmed; Proposed Receivables-Backed Facility Rtd BBB, Recovery 1 Apr 09
Standard & Poors, April 2009
On April 1, 2009, Standard & Poor's Ratings Services affirmed its 'BB+' corporate credit rating on Jacksonville, Fla.-based Fidelity National Information Services Inc. (FIS). The rating outlook is revised to positive from stable. We assigned our 'BBB' bank loan rating to FIS' proposed senior secured $145 million accounts receivable-backed revolving credit facility due 2013--two notches higher than the company's corporate credit rating, with a '1' recovery rating, indicating the expectation for very high (90% to 100%) recovery in the event of a payment default or bankruptcy scenario. At the same time, we assigned our 'BB+' bank loan rating to FIS' $1.995 billion senior secured term loan A and $500 million senior secured term loan C, with a '3' recovery rating,...
Companies mentioned in this report are: Fidelity National Information Services Inc.,Metavante Corp.
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.
Fidelity National Information Services Inc.,Metavante Corp.