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S&P places London Stock Exchange on watch
S&P said it placed London Stock Exchange Group plc, LCH Ltd. and LCH SA on CreditWatch with negative implications on the company’s announcement to acquire Refinitiv for an enterprise value of £22 billion.
The agency also placed all of London Stock Exchange’s rated debt on CreditWatch with negative implications.
“Given the significant size and debt burden of the Refinitiv acquisition, the transformational nature of the deal, and the associated execution risks, we believe that LSEG's creditworthiness, and notably our view of its financial risk, are likely to weaken upon the acquisition,” S&P said in a press release.
S&P said at this stage, it sees possibly cutting the company’s rating by up to two notches on its long-term rating, even though London Stock Exchange said it plans to deleverage after the transaction.
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