Moody’s raises Bats Global, facility to Ba3

Moody's Investors Service said it upgraded Bats Global Markets, Inc.’s corporate family rating and senior secured bank credit facility rating to Ba3 from B1.

The outlook is stable. This action concludes the review for upgrade that was initiated on June 13.

Moody's said the upgrade reflects Bats' improved financial performance and debt reduction since it acquired the HotSpot foreign exchange platform in March 2015, and its balanced franchise as the second-largest cash equities exchange operator in the United States and the largest in Europe by market share.

The rating also reflects Bats' efficient transaction-driven business model and the potential to create strong operating leverage when volumes or market share rises, the agency added.

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