S&P rates Deutsche Boerse notes A+

S&P said it assigned an A+ rating to Deutsche Boerse AG’s proposed subordinated hybrid notes. The completion and size of the overall issuance are subject to market conditions

Deutsche Boerse is launching a tender on its €600 million hybrid issued in 2015. “We assume the issued amount will be €600 million, and that the company will use the proceeds from the new issuance to repay the existing one,” S&P said in a press release.

The proposed issuance will not affect S&P’s rating on Deutsche Boerse, S&P said.

“This is because we estimate the issued amount to be equivalent to €600 million being called in February 2021 at the latest, leaving our core leverage ratios of funds from operations (FFO) to debt and debt to EBITDA unchanged, at close to 68% and 1x at year-end 2019, respectively,” the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.