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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Nasdaq Inc | NASDAQ:NDAQ | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.19 | 0.32% | 60.07 | 59.62 | 60.17 | 60.18 | 59.38 | 60.16 | 3,401,686 | 23:00:01 |
From May 2023 to May 2024
By Denny Jacob
S&P Global Ratings on Monday said it downgraded Nasdaq's long-term issuer credit ratings and senior unsecured notes to BBB from BBB+.
The ratings agency said the downgrade is a result of Nasdaq's planned acquisition of Adenza, which provides capital markets and regulatory solutions to financial institutions, for $10.5 billion and transaction costs, including $5.75 billion in cash and the remainder in common equity.
S&P said it expects the Adenza transaction to close within six to nine months and for Nasdaq to raise about $5.9 billion of new debt to fund the acquisition. The financing for the acquisition would weaken Nasdaq's financial risk profile, S&P said.
"Nasdaq's funds from operations to debt will drop well below 23% in the next two years, materially weaker than our previous base case, which did not consider the Adenza acquisition," S&P said.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
June 12, 2023 10:45 ET (14:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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