Standard & Poor's Downgrades Fiserv
Standard & Poor's Rating Services announced that it has lowered the corporate credit rating on Fiserv Inc. to BBB- from BBB.
The outlook for Fiserv is stable due to the company's strong market position, sizable stream of recurring revenues and solid cash flow generation.
"The downgrade reflects Fisver's lack of revenue growth, acquisitive growth strategy and relatively leveraged financial profile," said Standard & Poor's credit analyst Martha Toll-Reed in a press release.
Fiserv has also been named as a defendant in the class action suit against Bernard Madoff.