...November 21, 2019 NEW YORK (S&P Global Ratings) Nov. 21, 2019--S&P Global Ratings today assigned its '###' issue-level rating to U.S.-based Fidelity National Information Services Inc.'s (FIS) new unsecured notes. The company expects to use the proceeds to repay existing debt. Our '###' issuer credit rating on FIS reflects its substantial operating scale and diverse set of outsourced financial services solutions that now include Worldpay's fast-growing global e-commerce merchant acquiring platform. The stable outlook reflects our expectation that FIS will generate free cash flow of about $2 billion in year one and more in years two and three with cost synergies from integrating Worldpay. A higher dividend constrains cash flow available to reduce debt because a large portion of equity will be used to fund the acquisition. But we expect FIS to use much of the available cash to repay debt and reduce leverage below 3x over the 24 months following the close. We would consider lowering our rating...
