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S&P: LCH.Clearnet on watch
Standard & Poor's said it placed its A+/A-1 long- and short-term counterparty credit ratings on LCH.Clearnet Group Ltd. on CreditWatch with negative implications.
The agency said the CreditWatch placement follows LCH.Clearnet's announcement that it has recommended to its shareholders London Stock Exchange Group plc's offer to buy a majority stake of up to 60% in the company.
S&P said it believes there is a risk that the London Stock Exchange might extract capital from LCH.Clearnet if it needs cash, given that LCH.Clearnet would be a majority-owned subsidiary if the merger goes ahead.
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