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S&P: London Stock Exchange on watch
Standard & Poor's said it placed its A- long-term counterparty credit rating on London Stock Exchange Group plc on CreditWatch with negative implications. At the same time, S&P said it affirmed the A-2 short-term rating.
The agency said the CreditWatch placement follows the exchange's announcement that it has agreed to acquire a majority stake of up to 60% of LCH.Clearnet Group Ltd.
The agency said the CreditWatch placement reflects it's view that the exchange's financial profile would deteriorate if the transaction went through, given the additional debt required to finance the acquisition.
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