Bulletin: Fidelity National Information Services Inc.'s Weaker-Than-Expected First Quarter Results Do Not Affect The Ratings

NEW YORK (Standard&Poor's) April 30, 2015--Standard&Poor's Ratings Services said today that Fidelity National Information Services Inc.'s (FIS; BBB/Stable) first-quarter results, which are weaker than we expected, have no immediate impact on the ratings. Quarterly revenue grew 2% to $1.6 billion from business, banking, and global financial solutions. Foreign currency fluctuations impaired revenue, as FIS generates about 22% of its revenue outside the U.S. First-quarter revenue grew 5% on a constant currency basis. We estimate adjusted EBITDA declined about 15% year over year, due to continued slow higher margin product sales, delay of a large project, lower termination fees, and restructuring costs. We estimate adjusted total debt to EBITDA is about 2.6x for the 12 months ended

...NEW YORK (Standard & Poor's) April 30, 2015--Standard & Poor's Ratings Services said today that Fidelity National Information Services Inc.'s (FIS; ###/Stable) first-quarter results, which are weaker than we expected, have no immediate impact on the ratings. Quarterly revenue grew 2% to $1.6 billion from business, banking, and global financial solutions. Foreign currency fluctuations impaired revenue, as FIS generates about 22% of its revenue outside the U.S. First-quarter revenue grew 5% on a constant currency basis. We estimate adjusted EBITDA declined about 15% year over year, due to continued slow higher margin product sales, delay of a large project, lower termination fees, and restructuring costs. We estimate adjusted total debt to EBITDA is about 2.6x for the 12 months ended March 31, 2015, compared with our expectation that FIS would maintain leverage generally at or below 2.5x. We believe FIS will return leverage to our stated range. Cash and investments totaled about $489 million...

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