Fidelity National Buying Metavante For $2.94B

Both companies' ratings are considered just below investment grade.

Fidelity National's rating was given a positive outlook, which is a long-term view on the rating. S&P said the positive outlook is because the combined company would have a business risk profile of an investment-grade company, but its financial profile might not initially meet investment-grade levels because of the size of its outstanding debt.

S&P said in a statement potential cost synergies at the combined company and the ability to reduce debt, coupled with its cash-generating ability, could lead its ratings to be upgraded to investment-grade levels in the near to intermediate term.