On Feb. 8, 2005, Standard&Poor's Ratings Services assigned its 'BB' corporate credit and senior secured ratings to Jacksonville Fla.-based Fidelity National Information Services Inc. (FIS). FIS is a subsidiary of Fidelity National Financial Inc. (FNF, BBB/Watch Neg/--). The outlook is stable. The ratings on FIS reflect its historically aggressive growth strategy, coupled with the heavy debt burden associated with its leveraged recapitalization. Ratings are supported by a leading niche market position, a stable recurring revenue base, and good cash-flow generation. With pro forma revenues exceeding $2.7 billion, FIS provides processing and information services to the financial services and real estate industries. While recent operating performance has been good, with operating margins exceeding 20%, the company has grown rapidly
