Fitch Ratings on March 21 upgraded the long-term issuer default rating of Equinix Inc. to BB+ from BB.

The rating agency also upgraded the telecommunications real estate investment trust's long-term senior unsecured rating to BB+ from BB.

According to Fitch, the upgrade reflects improvement in Equinix's owned asset percentage to about 50% of net operating income, as well as improvement in its leverage and unencumbered-asset-to-unsecured-debt ratios.

The rating outlook is positive, which Fitch said reflects its expectation that the unencumbered-asset-to-unsecured-debt ratio will improve over the one- to two-year rating outlook horizon.