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Moody's rates Fidelity National loans Ba3
Moody's Investors Service said it assigned a prospective Ba3 rating to the proposed $3.2 billion in senior secured credit facilities expected to be jointly entered into by two direct subsidiaries of Fidelity National Information Services Inc. and Fidelity National Tax Service Inc. The outlook is stable.
The new credit facility will consist of a $1.0 billion term loan A, a $1.8 billion term loan B (both of which will be fully drawn at closing) and a $400 million revolving credit facility.
Proceeds from the facility are to be used to finance a leveraged recapitalization of Fidelity.
In assigning rating, Moody's said it considered the strong franchise of Fidelity in the financial services outsourcing business, the company's leading market position in many of its product lines, its strong recurring revenue stream with long-term customer contracts and the stability of its underlying financial institution customer base.
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