Fidelity National Information Services Inc.'s New Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) May 14, 2019--S&P Global Ratings today assigned its 'BBB' issue-level rating to U.S.-based Fidelity National Information Services Inc.'s new unsecured notes. These notes are part of the company's planned financing for the acquisition of Worldpay Inc., which it announced in March. Our 'BBB' issuer credit rating on FIS reflects the merged entity's large scale, and its diverse set of outsourced financial services solutions that will include Worldpay's fast-growing international e-commerce merchant platform. We expect the transaction to close in the third quarter of this year. The acquisition and related debt issuance will raise FIS' initial pro forma leverage to about 4.1x, up from 2.7x as of Dec. 31, 2018, without cost synergies. Similar to what

...May 14, 2019 NEW YORK (S&P Global Ratings) May 14, 2019--S&P Global Ratings today assigned its '###' issue-level rating to U.S.-based Fidelity National Information Services Inc.'s new unsecured notes. These notes are part of the company's planned financing for the acquisition of Worldpay Inc., which it announced in March. Our '###' issuer credit rating on FIS reflects the merged entity's large scale, and its diverse set of outsourced financial services solutions that will include Worldpay's fast-growing international e-commerce merchant platform. We expect the transaction to close in the third quarter of this year. The acquisition and related debt issuance will raise FIS' initial pro forma leverage to about 4.1x, up from 2.7x as of Dec. 31, 2018, without cost synergies. Similar to what FIS has done in the past, we expect the company to apply much of its free cash flow after dividends to reduce debt such that leverage will decline rapidly over the 24 months following close. The stable outlook...

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