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Fitch rates Metavante BB+
Fitch Ratings said it assigned Metavante Technologies Inc. an issuer default rating of BB+ and $800 million senior secured term loan B a rating of BBB- following the close of the company's acquisition by FIS Inc.
Fitch affirmed FIS' issuer default rating at BB+, $900 million secured revolving credit facility at BBB- and senior secured term loan A at BBB-.
The outlook is positive.
Pro forma leverage for FIS is estimated at 2.6 times, or 3.1x when adjusted for operating lease expense, the agency said.
The positive outlook reflects expectations for increased free cash flow and an ability to reduce total debt-to-total operating EBITDA ratio to below 2.5x and closer to 2x in 2010, Fitch said.
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