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S&P places Euronext's ratings on CreditWatch with negative implications

S&P Global Ratings on May 21 placed Euronext NV's A/A-1 long- and short-term issuer credit ratings and A senior unsecured issuer credit rating on CreditWatch with negative implications.

Ratings cited the Dutch stock exchange operator's proposed acquisition of up to 100% of Norwegian market infrastructure operator Oslo Børs VPS Holding ASA as the reason behind the action.

The ratings agency noted it believes the acquisition will reinforce Euronext's business model by adding a presence in the Nordic market and increasing revenues, including posttrade revenues. However, since the deal will be debt financed, it could have a negative impact on Euronext's financial risk profile, according to Ratings.

The agency added it expects to resolve the CreditWatch placement within the next month, by which time it anticipates to complete its review of the Dutch firm's potential longer-term financial leverage and cash flow management.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.