High degree of recurring revenue; Significant scale; High barriers to entry in niche focus; and Consistent growth in EBITDA and free cash flow. Highly acquisitive; and Relatively high leverage. The ratings on Jacksonville, Fla.-based Fidelity National Information Services Inc. (FIS) follows the announcement that FIS will acquire Milwaukee, Wis.-based Metavante Corp. (BB/Watch Pos/--)for approximately $4.4 billion. The merged companies had pro forma 2008 revenues of $5.2 billion and EBITDA exceeding $1.3 billion. In our view, the merged company will possess an investment-grade business risk profile, although we do not believe it will initially have the financial profile of an investment-grade company. Pro forma total debt to EBITDA is expected to initially be above 3x (excluding $260 million of potential synergies).
