Fitch Ratings on Aug. 20 upgraded Dun & Bradstreet Corp.'s long-term issuer rating to B+ from B. The company's senior secured debt rating was upgraded to BB+/RR1 from BB/RR1 and the senior unsecured debt rating was raised to BB/RR2 from BB-/RR2.

The rating agency withdrew Star Parent LP's B long-term issuer default rating and assigned the upgraded long-term issuer default rating of B+ to Dun & Bradstreet Holdings Inc. because with the IPO, the latter is now the filer of financials and Star Parent is "no longer analytically relevant to Fitch's coverage."

The ratings outlook was revised to positive from stable.

The ratings upgrade and positive outlook reflect Dun & Bradstreet's "materially improved financial structure" after the company's partial $300 million redemption of its 10.250% senior unsecured notes with an IPO and private placement proceeds. Further, Dun & Bradstreet's free cash flow profile improved with the redemption of the company's series A preferred stock and the voluntary distribution to its parent to fund a 12% payment-in-kind coupon, according to Fitch.