S&P Global Ratings revised its outlook for Intercontinental Exchange Inc. to stable from negative.

At the same time, S&P affirmed its A long-term and A-1 short-term issuer credit rating for ICE.

The revised outlook is based on a reduction of gross debt by about $1 billion for the first three quarters of the year in line with expectations, owing to solid cash flow generation and a pause in stock repurchases.

The stable outlook reflects S&P's expectation that ICE will keep reducing debt in 2017, better aligning financial metrics, including leverage, with its rating.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.