Leading global position in the banking software and payment processing solutions market High degree of recurring revenues Consistent operating margins Financial services sector client concentration, offset by favorable industry demand trends Highly competitive industry conditions Strong cash flow generation Moderate acquisition appetite Financial policy is expected to be balanced between growth investments and shareholder returns The stable outlook reflects the company's diversified and recurring revenue model and strong cash-generating ability. We could lower the rating if more aggressive financial policies, including material, debt-financed acquisitions or share repurchases, resulted in sustained leverage above 3x. Although not likely in the near term, we could raise the rating if FIS maintains consistent revenue growth and profitability, as well as sustained, adjusted leverage near
