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Moody's upgrades First Data ratings

Moody's upgraded First Data Corp.'s corporate family rating to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD.

The rating agency also raised the senior secured credit facilities and first lien notes ratings to Ba2 from Ba3 and unsecured notes ratings to B2 from B3.

The rating outlook is stable.

In upgrading the ratings for the company, Moody's cited a expected improvement in First Data's adjusted debt leverage by the end of 2019 as First Data could moderate its mergers and acquisitions activity in the next two years.