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S&P Global Ratings upgrades Nasdaq to "BBB +" on lower leverage

Investing.com -- 标普全球评级已将纳斯达克公司的评级从"BBB"上调至"BBB+"，展望稳定，理由是该公司在2023年收购Adenza后，杠杆率降低速度快于预期。评级机构指出，尽管纳斯达克为收购Adenza承担了大量债务，但通过比预期更严格地限制股票回购并优先偿还债务，成功降低了净杠杆率。截至6月30日，纳斯达克的标普全球评级调整后的债务与EBITDA比率为3.1倍，按年化基础计算的经营活动资金与债务比率为24.9%。标普预计纳斯达克的流动性将保持强劲。

S&P Global Ratings upgrades Nasdaq to "BBB +" on lower leverage

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(NASDAQ:<span>NDAQ</span>) was upgraded to \"BBB +\" from \"BBB\" with a stable outlook, citing a faster-than-expected reduction in leverage following the company's acquisition of Adenza in 2023.</p><p>The ratings agency noted that while Nasdaq took on a significant amount of debt for the Adenza acquisition, it managed to reduce net leverage by limiting share buybacks more strictly than expected and prioritizing debt repayments. This deleveraging process was supported by strong results, resulting in EBITDA growth, cash generation and early repayment of debt.</p><p>Market volatility in 2025 boosted trading activity and helped improve Nasdaq's financial metrics. In the second quarter, the company reported a record U.S. cash stock trading volume. EBITDA for the first half of 2025 increased 23% compared to the same period last year.</p><p>As of June 30, Nasdaq's S&P Global Ratings adjusted debt-to-EBITDA ratio was 3.1 x, and the funds from operating activities (FFO)-to-debt ratio on an annualized basis was 24.9%.</p><p>S&P now expects the Nasdaq's adjusted debt-to-EBITDA ratio to remain below 3.5 x during its forecast period, even taking into account potential declines in trading volumes or potential debt-financed acquisitions. The agency forecasts an adjusted debt-to-EBITDA ratio of about 3.0 x and an FFO-to-debt ratio of more than 25% by the end of 2025, with further improvements expected in 2026.</p><p>Year-to-date revenue less transaction-based expenses grew 12% compared to the same period in 2024, with net market services revenue up 21%. The rating agencies highlighted Nasdaq's strong position in U.S. and Nordic cash stock trading and listing, as well as U.S. stock options and index options trading.</p><p>Fintech revenue from the Adenza acquisition further strengthened Nasdaq's business portfolio, accounting for 35% of revenue less transaction-based expenses for the six months ended June 30, 2025. Standard & Poor's believes this acquisition is in line with Nasdaq's strategy of expanding into high-growth data and analytics businesses.</p><p>S&P expects liquidity on the Nasdaq to remain strong. Aside from the $500 million senior unsecured notes due in 2026, the company has no other debt maturities until 2028. The Company maintains a $1.25 billion revolving credit facility available through 2027.</p><p>The stable outlook reflects S&P's expectation that Nasdaq will maintain its current EBITDA margin and keep its adjusted debt-to-EBITDA ratio below 3.5 x, with no major acquisitions expected over the next two years.</p><p><em></em><em>This article was translated with the assistance of artificial intelligence. For more information, see our Terms of Use.</em></p><p></div></div></div></body></html></p>","source":"investing_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P Global Ratings upgrades Nasdaq to \"BBB +\" on lower leverage</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P Global Ratings upgrades Nasdaq to \"BBB +\" on lower leverage\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">英为财情</strong><span class=\"h-time small\">2025-08-13 05:12</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div><div><div>Investing.com--<a href=\"https://laohu8.com/S/SPGI\">S&P Global</a>Ratings have placed NASDAQ Inc. (NASDAQ:<span>NDAQ</span>) was upgraded to \"BBB +\" from \"BBB\" with a stable outlook, citing a faster-than-expected reduction in leverage following the company's acquisition of Adenza in 2023.</p><p>The ratings agency noted that while Nasdaq took on a significant amount of debt for the Adenza acquisition, it managed to reduce net leverage by limiting share buybacks more strictly than expected and prioritizing debt repayments. This deleveraging process was supported by strong results, resulting in EBITDA growth, cash generation and early repayment of debt.</p><p>Market volatility in 2025 boosted trading activity and helped improve Nasdaq's financial metrics. In the second quarter, the company reported a record U.S. cash stock trading volume. EBITDA for the first half of 2025 increased 23% compared to the same period last year.</p><p>As of June 30, Nasdaq's S&P Global Ratings adjusted debt-to-EBITDA ratio was 3.1 x, and the funds from operating activities (FFO)-to-debt ratio on an annualized basis was 24.9%.</p><p>S&P now expects the Nasdaq's adjusted debt-to-EBITDA ratio to remain below 3.5 x during its forecast period, even taking into account potential declines in trading volumes or potential debt-financed acquisitions. The agency forecasts an adjusted debt-to-EBITDA ratio of about 3.0 x and an FFO-to-debt ratio of more than 25% by the end of 2025, with further improvements expected in 2026.</p><p>Year-to-date revenue less transaction-based expenses grew 12% compared to the same period in 2024, with net market services revenue up 21%. The rating agencies highlighted Nasdaq's strong position in U.S. and Nordic cash stock trading and listing, as well as U.S. stock options and index options trading.</p><p>Fintech revenue from the Adenza acquisition further strengthened Nasdaq's business portfolio, accounting for 35% of revenue less transaction-based expenses for the six months ended June 30, 2025. Standard & Poor's believes this acquisition is in line with Nasdaq's strategy of expanding into high-growth data and analytics businesses.</p><p>S&P expects liquidity on the Nasdaq to remain strong. Aside from the $500 million senior unsecured notes due in 2026, the company has no other debt maturities until 2028. The Company maintains a $1.25 billion revolving credit facility available through 2027.</p><p>The stable outlook reflects S&P's expectation that Nasdaq will maintain its current EBITDA margin and keep its adjusted debt-to-EBITDA ratio below 3.5 x, with no major acquisitions expected over the next two years.</p><p><em></em><em>This article was translated with the assistance of artificial intelligence. For more information, see our Terms of Use.</em></p><p></div></div></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cn.investing.com/news/stock-market-news/article-93CH-2934216\">英为财情</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"159632":"纳斯达克","03086":"华夏纳指","SPGI":"标普全球","ARTL":"Artelo Biosciences, Inc.",".IXIC":"NASDAQ Composite"},"source_url":"https://cn.investing.com/news/stock-market-news/article-93CH-2934216","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2559624797","content_text":"Investing.com -- 标普全球评级已将纳斯达克公司(Nasdaq Inc.)(NASDAQ:NDAQ)的评级从\"BBB\"上调至\"BBB+\"，展望稳定，理由是该公司在2023年收购Adenza后，杠杆率降低速度快于预期。\n评级机构指出，尽管纳斯达克为收购Adenza承担了大量债务，但通过比预期更严格地限制股票回购并优先偿还债务，成功降低了净杠杆率。这种去杠杆化进程得到了强劲业绩的支持，带来了EBITDA增长、现金生成和提前偿还债务。\n2025年的市场波动提振了交易活动，帮助改善了纳斯达克的财务指标。第二季度，该公司报告了创纪录的美国现金股票交易量。2025年上半年的EBITDA与去年同期相比增长了23%。\n截至6月30日，纳斯达克的标普全球评级调整后的债务与EBITDA比率为3.1倍，按年化基础计算的经营活动资金(FFO)与债务比率为24.9%。\n标普现在预计，即使考虑到交易量可能下降或潜在的债务融资收购，纳斯达克调整后的债务与EBITDA比率在其预测期内将保持在3.5倍以下。该机构预测，到2025年底，调整后的债务与EBITDA比率约为3.0倍，FFO与债务比率将超过25%，2026年预计将进一步改善。\n与2024年同期相比，今年迄今为止的收入减去基于交易的支出增长了12%，其中净市场服务收入增长21%。评级机构强调了纳斯达克在美国和北欧现金股票交易和上市，以及美国股票期权和指数期权交易方面的强势地位。\n来自Adenza收购的金融技术收入进一步加强了纳斯达克的业务组合，在截至2025年6月30日的六个月内，占收入减去基于交易的支出的35%。标普认为，这次收购符合纳斯达克扩展到高增长数据和分析业务的战略。\n标普预计纳斯达克的流动性将保持强劲。除了2026年到期的5亿美元优先无担保票据外，该公司在2028年之前没有其他债务到期。公司维持着一个12.5亿美元的循环信贷额度，可用至2027年。\n稳定的展望反映了标普的预期，即纳斯达克将保持当前的EBITDA利润率，并将调整后的债务与EBITDA比率保持在3.5倍以下，预计未来两年内不会有重大收购。\n\n本文由人工智能协助翻译。更多信息，请参见我们的使用条款。","news_type":1,"symbols_score_info":{"159632":1,".IXIC":1,"SPGI":1,"03086":1,"ARTL":1}},"isVote":1,"tweetType":1,"viewCount":605,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":62,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}