...July 6, 2022 NEW YORK (S&P Global Ratings) July 6, 2022--S&P Global Ratings today assigned its '###' issue-level rating to U.S.-based Fidelity National Information Services Inc.'s (FIS's) new unsecured notes. The company expects to use the proceeds to repay debt. Our '###' issuer credit rating on FIS reflects its substantial operating scale, diverse set of outsourced financial services solutions, and fast-growing global merchant acquiring business. The company ended the first quarter on March 31, 2022, with adjusted leverage of about 3x and about $1.5 billion of cash. Our leverage calculation includes adjustments for accessible cash, leases, and tax receivable agreement obligations. The stable outlook reflects our expectation that FIS will grow revenue in the mid-single-digits percentage range and maintain healthy EBITDA margins over the next year. We also expect FIS to generate consistently strong free cash flow to fund higher shareholder returns without raising leverage above 3x. We could...
