TEXT - S&P comments on Fiserv
Jan 14 - Standard & Poor's Ratings Services said today that its corporate credit and other ratings on Brookfield, Wis.-based Fiserv Inc. (BBB-/Stable/A-3) remain unchanged following the company's recent announcement that it has acquired Open Solutions Inc. The transaction included a purchase price of $55 million and the assumption of approximately $960 million of debt. Open Solutions is a Glastonbury, Conn.-based technology provider to banks, thrifts, and credit unions. We expect the transaction to be complementary to Fiserv's customer base and technology solutions. While we expect pro forma leverage to increase modestly from 2.5x as of September 2012, we also expect the company to maintain its "intermediate" financial risk profile as it pursues growth objectives and shareholder returns, with leverage below 3x. Our ratings on Fiserv are supported by the company's "satisfactory" business risk profile, distinguished by its position as one of the leading U.S. providers of financial data processing and support services, a sizable stream of recurring revenues, and solid cash flow generation.
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