Fitch Ratings has upgraded Boost Newco Borrower, LLC's (dba Worldpay) Long-Term Issuer Default Rating (IDR) to 'BBB' and removed it from Rating Watch Positive following its acquisition by Global Payments, Inc. (GPN; BBB/Stable).

The upgrade reflects Worldpay's acquisition by investment-grade rated GPN and the application of Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria, following completion of the deal on Jan. 9, 2026.

Concurrently, Fitch has withdrawn the ratings on Worldpay as they are no longer considered relevant to the agency's coverage following the transaction closing and the subsequent redemption of all outstanding debt.

Key Rating Drivers

Parent and Subsidiary Linkage: The upgrade to the IDR is due to the acquisition by GPN, as the agency has applied its PSL Criteria and equalized the IDR at the parent consolidated profile. Fitch applied its stronger subsidiary rating matrix, given Worldpay's material scale, healthy margins and CF dynamics, and no assumed debt following the transactions. Fitch also assumed open access and control and open ring-fencing when applying the criteria.

Corporate Rating Tool Inputs and Scores

Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a parent consolidated profile approach.

RATING SENSITIVITIES

Not applicable as the ratings were withdrawn.

Liquidity and Debt Structure

Not applicable as the ratings were withdrawn.

Issuer Profile

Worldpay is one of the world's largest payment technology and merchant acquirer companies. The company was acquired by fintech issuer Global Payments, Inc. (BBB/Stable) in January 2026.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.

Climate Vulnerability Signals

Fitch uses Climate Vulnerability Signals (Climate.VS) as a screening tool to identify sectors and Fitch-rated issuers that are potentially most exposed to credit-relevant climate transition risks and, therefore, require additional consideration of these risks in rating reviews. Climate.VS range from 0 (lowest risk) to 100 (highest risk). For more information on Climate.VS, see Fitch's Corporate Rating Criteria. For more detailed, sector-specific information on how Fitch perceives climate-related transition risks, see Climate Vulnerability Signals for Non-Financial Corporate Sectors.

The 2025 revenue-weighted Climate.VS for the company for 2035 is 15 out of 100, suggesting low exposure to climate-related risks in that year and similar to other issuers in the sector.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.

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