Fitch Ratings upgraded its long-term issuer default rating to BB- from B+ for First Data Corp. The company's long-term senior secured debt was affirmed at BB+, while its senior unsecured debt was upgraded to BB- from B.

The ratings outlook is positive, reflecting Fitch's view that leverage will continue to come down in the next 12 to 15 months, which could position the issuer default rating higher in the coming years.

Fitch noted that the company has reported solid fundamentals in its business and has executed well along its stated deleveraging path.