Fitch rates First Data loan BB+

Fitch Ratings said it assigned a BB+ with recovery rating of RR1 to First Data Corp.'s new revolving facility and new term loan A.

The company's long-term issuer default rating remains BB- with a positive outlook.

This latest debt refinancing is another step in the company's de-leveraging journey since its 2007 leveraged buyout, Fitch said.

The agency said it believes the refinancing further improves the company's cash generation profile with $90 million of annualized interest savings projected, the agency said.

First Data has reported solid fundamentals in its business and has executed well along its stated de-leveraging path, Fitch said.

The agency said it believes solid industry trends combined with company-specific initiatives will enable growing free cash flow and position the issuer more strongly.

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