The ratings on Fidelity National Information Services Inc. (FIS) reflect its historically aggressive growth strategy, coupled with the heavy debt burden associated with its leveraged recapitalization. The ratings are supported by a leading niche-market position, a stable recurring revenue base, and good cash-flow generation. FIS provides processing and information services to the financial services and real estate industries. Pro forma revenues exceed $2.7 billion. While recent operating performance has been good, with operating margins exceeding 20%, the company has grown rapidly through acquisitions, and has yet to demonstrate a sustained track record of performance. Standard&Poor's Ratings Services expects acquisitions to remain an integral part of FIS' growth strategy, albeit at a more moderate pace. Pro forma total debt
