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Moody's cuts NYSE Euronext
Moody's Investors Service said it downgraded the long-term rating of NYSE Euronext to A3 from A2.
The short-term rating was downgraded to Prime-2 from Prime-1, the agency said, adding that the outlook on the A3 long-term rating is negative.
The downgrade reflects NYSE Euronext's high level of cash flow leverage compared to similarly rated companies and long-term pressure on revenue capture rates for the firm's cash exchanges that could negatively affect profitability and cash flow, Moody's added.
The downgrade to A3 reflects Moody's view that leverage at NYSE Euronext is high, with the debt/2009 EBITDA of 2.6x, relative to its rating.
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