S&P puts Ellie Mae on positive watch

S&P said it placed all its ratings on Ellie Mae Inc. on CreditWatch with positive implications after Intercontinental Exchange Inc. said it entered into a pact to acquire the company.

“The placement of the ratings on CreditWatch with positive implications reflects the likelihood that we would raise all of our ratings on Ellie Mae, including our B- long-term issuer credit rating, following the close of the acquisition by higher-rated ICE. In conjunction with this acquisition, we expect Ellie Mae’s debt to be repaid in full and Thoma Bravo LLC’s stake in the company to be substantially reduced or eliminated,” S&P said in a press release.

S&P said it aims to resolve the placement by withdrawing Ellie Mae’s ratings after the transaction closes.

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