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

NEW YORK (S&P Global Ratings) May 14, 2018--S&P Global Ratings today assigned its 'BBB' issue-level rating to Jacksonville, Fla.-based banking and payment technologies provider Fidelity National Information Services Inc.'s (FIS) senior unsecured notes. We expect that FIS will use the net proceeds from the notes to repay its 2.85% senior unsecured notes due 2018 and a portion of the outstanding balance under its revolver. The company's adjusted leverage (with operating leases, pension, and surplus cash adjustments) amounted to slightly under 3x as of March 31, 2018. We net surplus cash against debt with a haircut of about 5% to address potential foreign tax withholding or frictional costs. Our rating on FIS reflects the company's large scale, diversified and recurring revenue

...NEW YORK (S&P Global Ratings) May 14, 2018--S&P Global Ratings today assigned its '###' issue-level rating to Jacksonville, Fla.-based banking and payment technologies provider Fidelity National Information Services Inc.'s (FIS) senior unsecured notes. We expect that FIS will use the net proceeds from the notes to repay its 2.85% senior unsecured notes due 2018 and a portion of the outstanding balance under its revolver. The company's adjusted leverage (with operating leases, pension, and surplus cash adjustments) amounted to slightly under 3x as of March 31, 2018. We net surplus cash against debt with a haircut of about 5% to address potential foreign tax withholding or frictional costs. Our rating on FIS reflects the company's large scale, diversified and recurring revenue model, and strong cash-generating ability. The stable outlook incorporates our expectation that the company's moderate financial policies, low-single-digit percent annual revenue growth, and steadily improving EBITDA...

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