S&P affirms New York Merc

Standard & Poor's said it affirmed its AA+/A-1+ counterparty credit rating on the New York Mercantile Exchange Inc. and its A-1+ short-term counterparty credit rating and commercial paper rating on CME Group Inc.

The outlook is stable.

The agency said that the affirmations follow CME's announcement that it has agreed to acquire NYMEX Holdings Inc., parent of the New York Mercantile Exchange, for a total consideration of $9.5 billion.

According to S&P, the affirmations consider the strategic and operational advantages of combining these two leading derivative exchanges, offset by increased financial leverage and negative tangible equity at the consolidated entity.

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