Fitch revises Finastra view to negative

Fitch Ratings said it affirmed Finastra Ltd.'s issuer default rating at BB-.

The outlook was revised to negative from stable.

The agency said the revision reflects that the company performed slightly lower than Fitch's expectations for revenues and EBITDA in fiscal year 2018 when the shift to the subscription model is taken into account.

The shift has also had a short-term impact on the company's cash position, the agency noted.

On the plus side, the company's objectives regarding savings from the Misys and D+H combination are broadly on plan, Fitch said.

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