The ratings on Jacksonville, Fla.-based Fidelity National Information Services Inc. (FIS) reflect good operating performance in its transaction processing services, which includes the recently acquired eFunds. Despite a reduction in business diversity and cash flow after the spin-off of its Lender Processing Services unit (which accounted for about 40% of consolidated EBITDA), pro forma debt leverage will decline to about 3x from the mid-3x area following the transaction. Although the company has expanded aggressively through acquisitions in the past five years, Standard&Poor's Ratings Services expects a more modest pace going forward, with an emphasis placed on organic growth and debt reduction in the near term. With pro forma revenues exceeding $3 billion, rating support is provided by a
