Fitch Places Fidelity National Information Services on Rating Watch Negative

Business Wire, June 27, 2007

NEW YORK -- Fitch Ratings has placed the following Fidelity National Information Services' (FIS) ratings on Rating Watch Negative:

--Issuer Default Rating (IDR) 'BB ';

--$3 billion senior unsecured credit facilities 'BB ', consisting of a $2.1 billion term loan and a $900 million revolving credit facility;

--Senior unsecured notes 'BB '.

Approximately $3.2 billion of debt is affected by Fitch's actions, including the credit facilities.

Fitch's action follows FIS's announced acquisition of eFunds Corp. in a $1.8 billion all-cash transaction in a move to expand its presence in banking markets in the U.S. and abroad. FIS plans to fund the purchase with a combination of cash on hand and recently secured long-term debt commitments. The transaction is expected to be completed by the end of the third quarter of 2007, subject to certain regulatory approvals, approval by eFunds shareholders and customary closing conditions.

Fitch expects to meet with management to discuss the funding of this transaction, future capital strategy, and integration of the acquisition. Fitch believes that resolution of the Rating Watch status would be limited to a one-notch downgrade of FIS's IDR. However, ratings for each tranche of debt will be subject to the final capital structure post-financing. Fitch expects to resolve the Rating Watch status over the next several weeks.

The ratings for FIS have historically centered on the company's ability to generate strong free cash flow, its strong market position in core businesses, diversified product offering, solid client retention, counter-cyclical revenue streams, and recurring revenue base from long-term processing agreements. The ratings have also recognized the operating strength and business diversification realized by FIS from its acquisition of Certegy Inc. in early 2006.

Credit concerns include FIS's history of debt-financed acquisitions, better-capitalized significant industry competitors, the ongoing consolidation of its financial institution customer base, and event risk associated with two private equity firms that have a combined equity stake of approximately 15%.

Liquidity was adequate and supported by cash balances of $222 million as of March 31, 2007 as well as approximately $300 million of availability under its $900 million revolving credit facilities. Total debt as of March 31, 2007 was $3 billion consisting of approximately a $2.1 billion senior unsecured term loan, $600 million outstanding on its senior unsecured revolving credit facility, $196 million of unsecured 4.75% notes due 2008 and $146 million in other promissory notes. Although FIS has a $200 million share repurchase program, Fitch believes the aforementioned acquisition reduces the likelihood of the company pursuing stock buybacks over the intermediate term.

On Jan. 18, 2007 the company replaced its secured bank facilities with a new $2.1 billion unsecured term loan and a new $900 million senior unsecured revolver expiring in 2012. The new unsecured bank facility contains financial covenants of 3.5 times (x) maximum leverage through fiscal 2008 with step downs thereafter; 3.5x minimum EBITDA to interest coverage through fiscal 2008 and 4.0x interest coverage beginning in 2009; and cross-default on principal greater than $150 million. The facilities do not contain any default provisions related to credit ratings or covenants specifically relating to a material adverse change in the company's financial condition.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.