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S&P cuts Nasdaq
Standard & Poor's said it lowered its long-term counterparty credit rating and bank loan rating on The Nasdaq Stock Market Inc. to BB+ from BBB-.
The company is removed from CreditWatch negative, where it was placed on April 11, the agency said. The outlook is developing.
The recovery rating on the bank loan facilities is 2, the agency added.
The credit rating downgrade is a function of Nasdaq's high debt leverage, resulting primarily from its acquisitions of the INET platform in 2005 and, more recently, its purchase of a 24.1% stake in the London Stock Exchange, S&P said.
Current ratings reflect the expectation that Nasdaq will continue to employ debt, bank loans and/or available on-balance-sheet liquidity to further increase its stake in the London Stock Exchange, S&P noted.
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