Fidelity National Information Services Inc. (FIS), a leading global provider of banking and payment technologies, has announced its intention to acquire SunGard Data Systems Inc., a provider of technology software and services to banks, insurers, and other financial services companies, for approximately $9 billion. The company expects to fund the transaction with a combination of debt and equity, and expects to close the transaction by the end of 2015. We are affirming our ratings on FIS, including the 'BBB' corporate credit rating, and revising the rating outlook to negative from stable. The negative outlook reflects the sizable debt-funded acquisition and the initial spike in leverage to the high-3x area, which we expect to decline to below 3x over the next
