Moody’s lifts Nasdaq view to positive

Moody’s Investors Service said it affirmed Nasdaq, Inc.’s senior debt rating at Baa3 and revised its outlook to positive from stable.

The ratings reflect Nasdaq’s growing business diversification and improving financial metrics, but also considers the company’s propensity for increasing leverage periodically to fund acquisitions, potentially posing greater risk for bondholders, the agency said.

The ratings also reflect Nasdaq’s solid 2015 results due to the consistent execution of its long-term strategy to diversify its business mix through natural extension of its core exchange businesses, Moody’s said.

Nasdaq has pursued logical adjacencies to its core business, the agency said, and is developing a more diversified business mix less dependent on transaction volumes.

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