Innio (INIO) said Tuesday that Fitch Ratings upgraded its credit ratings, following a recent upgrade by Moody's Ratings.

The company said Fitch raised its long-term issuer default rating to BB from B+ by two notches and its senior secured debt rating to BB+ from B+, by three notches.

The outlook is stable, the company said.

Innio said it plans to continue investing in growth while reducing debt, targeting net leverage below two times over the medium term.

The company said it does not plan to pay cash dividends in the near term and may pursue selective acquisitions that could temporarily raise net leverage to two and a half times.