Moody's expects to rate First Data notes Caa1

Moody's Investors Service said it expects to assign a Caa1 rating to the new notes First Data Corp. plans to issue in an exchange offer assuming that 50% of the old notes are exchanged. The final ratings and loss-given-default assessments will be determined ultimately by the allocation between the new and old notes upon the completion of the debt exchange.

The company has a B3 corporate family rating and stable outlook.

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