S&P views London exchange positively

S&P said it changed its outlook for the London Stock Exchange Group plc to positive from stable and affirmed the A issuer and senior unsecured ratings. Additionally, the agency affirmed the ratings on the debt issued by subsidiaries LSEG Netherlands BV and LSEGA Financing plc.

“LSEG's strategic execution has been strong in 2022. Across the board, we think that LSEG has delivered well on its strategy in 2022. The integration of Refinitiv and realization of associated revenue and cost synergies have progressed well, and its guidance indicates £240 million of run-rate cost synergies and £60 million of revenue synergies by year-end 2022,” S&P said in a press release.

The agency said it forecasts LSEG's adjusted leverage to decline towards or below 2x by end-2022 and approach 1.75x in 2023. “These levels support a potentially higher rating level in the next 12 to 18 months.”

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