Fitch rates Fidelity National Information loans BB+

Fitch Ratings said it assigned BB+ senior unsecured ratings to Fidelity National Information Services Inc.'s new $2.1 billion term loan and $900 million revolving credit facility.

The outlook is stable.

The company used the proceeds to refinance existing debt.

The agency said Fidelity National's BB+ issuer default rating recognizes the company's ability to generate strong free cash flow, strong market position in core businesses, diversified product offering, solid client retention, counter-cyclical revenue streams and recurring revenue base from long-term processing agreements. The ratings also recognize the benefits realized by Fidelity National from its acquisition of Certegy Inc. in early 2006.

Credit concerns include the company's history of debt-financed acquisitions, well-capitalized significant industry competitors, the ongoing consolidation of Fidelity National's financial institution customer base and event risk associated with two private equity firms that have a combined equity stake of approximately 15%, Fitch said.

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