S&P rates Euronext bond A

S&P said it assigned its A issue rating to Euronext NV's inaugural €500 million senior bond due in 2025.

The long-term issuer credit rating on Euronext is A and the outlook is stable.

Euronext plans to use the proceeds from the proposed bond issuance to refinance an existing €165 million term loan and the €173 million drawdown under the €250 million revolving credit facility it used in the acquisition of the Irish Stock Exchange.

The agency said the bond rating benefits from Euronext's minimal financial risk profile.

“We view this transaction as leverage neutral, as we net the €500 million of gross debt against the surplus cash we estimate Euronext will accumulate by the end of 2018,” S&P said in a news release.

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