Our 'BBB' corporate credit rating on Fidelity National Information Services Inc. (FIS) is derived from: Our anchor of 'bbb', based on our "satisfactory" business risk and "intermediate" financial risk profile assessments for the company; and Analytical modifiers had no impact on our final rating. Leading global position in the banking software and payment processing solutions market High degree of recurring revenues Consistent operating margins Financial services sector client concentration, offset by favorable industry demand trends Highly competitive industry conditions Strong cash flow generation Moderate acquisition appetite Financial policy is expected to be balanced between growth investments and shareholder returns The stable outlook reflects the company's diversified and recurring revenue model and strong cash-generating ability. We could lower the rating if
