Fidelity National Information Services Inc.

Leading global position in the banking software and payment processing solutions market Expanded scale and revenue diversity through the acquisition of SunGard Data Systems Inc. Financial services sector client concentration High degree of recurring revenues Relatively stable operating margins Material increase in debt resulting from the SunGard transaction Continued strong free cash flow generation Limited acquisitions and shareholder returns until credit measures are restored Strong liquidity The outlook on Jacksonville, Fla.-based banking and payments technology and outsourcing solutions provider Fidelity National Information Services Inc. (FIS) is negative. The negative outlook reflects the sizable, partially debt-funded acquisition of SunGard and initial pro forma leverage that is high for the rating. Although we expect leverage to decline over the next two years,

...Outlook: Negative The outlook on Jacksonville, Fla.-based banking and payments technology and outsourcing solutions provider Fidelity National Information Services Inc. (FIS) is negative. The negative outlook reflects the sizable, partially debt-funded acquisition of SunGard and initial pro forma leverage that is high for the rating. Although we expect leverage to decline over the next two years, weaker-than-anticipated revenue growth and EBITDA expansion, further discretionary investments, or shareholder returns could limit deleveraging to the expected level of below 3x by the end of 2017....

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