Fitch upgrades Dun & Bradstreet

Fitch Ratings said it upgraded the long-term issuer default rating of Dun & Bradstreet Corp. by one notch to B+ from B. Fitch also upgraded the senior secured debt ratings by one notch to BB+/RR1 from BB/RR1 and the senior unsecured debt rating by one notch to BB/RR2 from BB-/RR2. Fitch withdrew Star Parent LP's B issuer rating and assigned a B+ issuer rating to Dun & Bradstreet Holdings, Inc.

The outlook is revised to positive from stable.

“The upgrade and positive outlook reflect Dun & Bradstreet's materially improved financial structure following a partial $300 million redemption of its 10¼% senior unsecured notes with IPO and private placement proceeds. Additionally, with the redemption of the $1.068 billion series A preferred stock (which Fitch did not treat as debt) and its voluntary distribution to its parent to fund a 12% PIK coupon, Dun & Bradstreet's FCF profile is improved,” Fitch said in a press release.

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