Summary: Fidelity National Information Services Inc.

Leading global position in the banking software and payment processing solutions market Substantial scale and revenue diversity Financial services sector client concentration High degree of recurring revenues Relatively stable operating margins Material debt reduction since the acquisition of SunGard Data Systems Inc. Continued strong free cash flow generation Limited acquisitions and shareholder returns until credit measures are restored Strong liquidity The outlook on Jacksonville, Fla.-based banking and payments technology and outsourcing solutions provider Fidelity National Information Services Inc. (FIS) is negative. The negative outlook reflects adjusted leverage above 3x resulting from the sizable, partially debt-funded acquisition of SunGard. Although we expect leverage to continue to decline over the coming year, weaker-than-anticipated revenue growth and EBITDA expansion, further discretionary investments, or

...Outlook: Negative The outlook on Jacksonville, Fla.-based banking and payments technology and outsourcing solutions provider Fidelity National Information Services Inc. (FIS) is negative. The negative outlook reflects adjusted leverage above 3x resulting from the sizable, partially debt-funded acquisition of SunGard. Although we expect leverage to continue to decline over the coming year, weaker-than-anticipated revenue growth and EBITDA expansion, further discretionary investments, or shareholder returns could limit deleveraging to the expected level of below 3x by the end of 2017....

Summary