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S&P rates Deutsche Boerse hybrids A+
Standard & Poor’s said it assigned A+ long-term issue ratings to the €600 million subordinated hybrid notes to be issued by Deutsche Boerse AG.
The ratings also were placed on CreditWatch with negative implications, in line with the long-term rating on the company.
The completion and size of the overall issuance are subject to market conditions, S&P said.
The proceeds will be used to finance the acquisition of the 50% of Stoxx AG that it does not already own and repay short-term debt, the agency said.
The A+ rating on the proposed notes by notching down from the AA group credit profile, S&P said. The two-notch differential reflects the agency’s methodology for rating hybrid capital.
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