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Fitch rates First Data loan BB
Fitch Ratings said it assigned a BB rating with recovery rating of RR1 to First Data Corp.'s $1.3 billion senior secured term loan due June 2020.
The term loan will be used to repay a like amount of first-lien debt, Fitch said.
The company has an issuer default rating of B and the outlook is positive.
The company’s total leverage was 6.7x as of Sept. 30, 2016, which is down from 7.4x on Dec. 31, 2015 and 7.8x at year-end 2014, the agency said.
Fitch said it estimates leverage could be less than 6x by the end of 2017 or early 2018.
The ratings reflect the company’s existing relationships and large distribution platform, which reinforces First Data’s ability to sustain its market share while providing a means to capitalize on emerging technologies, the agency said.
The ratings also consider the company’s fee structure, which helps offset cyclicality, Fitch said.
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