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Moody's upgrades Fidelity National, downgrades Cetergy
Moody's Investors Service said it upgraded Fidelity National Information Solutions' senior secured credit facility to Ba1 from Ba3, downgraded Cetergy's senior unsecured bonds to Ba1 from Baa2 and assigned a Ba1 corporate family rating and SGL-1 speculative grade liquidity rating to Fidelity.
This concludes the rating reviews for both companies, which began on Sept. 16 following the announcement that Fidelity planned to merge with Cetergy. The outlook is stable.
Moody's said Fidelity's ratings reflect its moderate financial leverage from sizable acquisition activity in 2003 and 2004, ongoing integration of multiple acquired systems, concentrated major shareholders and exposure to ongoing financial institution client consolidation.
The rating also reflects the company's position as a leading provider of technology solutions, processing services and information to the financial services and real estate industries, recurring revenues from long-term processing contracts, solid client retention and modest exposure to mortgage cyclicality, the agency said.
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