...NEW YORK (Standard & Poor's) Oct. 13, 2015--Standard & Poor's Ratings Services today assigned its '###' issue-level ratings to Jacksonville, Fla.-based Fidelity National Information Services Inc.'s (FIS) announced senior unsecured notes offering. FIS intends to use the net proceeds from the sale of senior notes to finance the acquisition of SunGard. The corporate credit rating on FIS remains '###'. Our ratings reflect the company's good competitive position and a significant base of recurring revenues. The SunGard acquisition is a sizable debt-funded transaction and will result in weaker credit measures with initial pro forma leverage in the high-3x area at close. Over the next two years, we expect FIS to restore its balance sheet strength by applying much of its discretionary cash flow toward debt repayment. We could lower the rating if weaker-than-anticipated operating performance or aggressive financial policies result in leverage sustained above 3x. For the full corporate credit rationale,...
