S&P rates BATS facilities BB-

Standard & Poor's said it affirmed its BB- issuer credit rating on BATS Global Markets and removed the ratings from CreditWatch with positive implications, where they were placed on Aug. 26, 2013.

The outlook is stable.

At the same time, the agency assigned its BB- issue rating to the company's proposed $550 million senior secured credit facilities, which will consist of a $450 million six-year term loan B and a $100 million three-year revolver.

"The rating action follows the company's announcement that it plans to issue $550 million senior secured credit facilities," S&P credit analyst Olga Roman said in a news release.

The company will use the proceeds to refinance its existing debt and pay a roughly $235 million special dividend. BATS is also planning to fund about $50 million under the revolver, primarily in British pounds, for currency hedging purposes, with the remainder as a back-up liquidity source. Financing will be contingent on the Direct Edge merger closing.

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