Moody's rates Fidelity debt Baa3

Moody's Investors Service said it assigned a Baa3 rating to Fidelity National Information Services, Inc.'s proposed senior notes. The outlook is stable.

Proceeds are expected to be used to repay the company's 7.875% senior notes due 2020 and to reduce existing term loans.

The agency said the Baa3 rating reflects Fidelity's leading market position in payment and bank processing services and the predictable revenue stream from transaction fee-based, long-term contracts. Fidelity benefits from significant barriers to entry because of the high switching costs of its core banking software and services, long-term contracts and the favorable long-term outlook for online banking and electronic payments, Moody's added.

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