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Fitch affirms First Data

Fitch Ratings has affirmed First Data Corp.'s long-term issuer default rating at B+.

The ratings outlook remains positive.

Fitch said the key rating driver behind the affirmation is the company's acquisition of CardConnect Corp. in July. CardConnect was a processing client of First Data prior to the acquisition, so First Data is expected to lose about $20 million in processing revenue due to the acquisition but EBITDA will not be affected, the rating agency said.

Fitch expects gross leverage, pro forma for the CardConnect acquisition, to approximate 5.8x at the end of 2017 and further decline to just over 5x at 2018-end.