Research Update: Cboe Global Markets Inc. Rating Raised To 'A-' On Lower Leverage And Improving Profitability; Outlook Is Stable - S&P Global Ratings’ Credit Research

Research Update: Cboe Global Markets Inc. Rating Raised To 'A-' On Lower Leverage And Improving Profitability; Outlook Is Stable

Research Update: Cboe Global Markets Inc. Rating Raised To 'A-' On Lower Leverage And Improving Profitability; Outlook Is Stable - S&P Global Ratings’ Credit Research
Research Update: Cboe Global Markets Inc. Rating Raised To 'A-' On Lower Leverage And Improving Profitability; Outlook Is Stable
Published Sep 25, 2018
6 pages (2172 words) — Published Sep 25, 2018
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Thanks to strong cash flow generation, Cboe has improved its financial risk profile, and we project S&P Global Ratings adjusted debt to EBITDA of 1.4x and funds from operations to debt of 54% at the end of 2018. Profitability also improved, thanks notably to the successful integration of Bats Global Markets (Bats), but the company remains reliant on its two flagship products--VIX futures and options and SPX options--in our view. We raised the long-term rating on Cboe to 'A-'. Our stable outlook reflects our expectation that Cboe will keep debt to EBITDA lower than 1.5x and funds from operations to debt higher than 50% over the next two years. On Sept. 24, 2018, S&P Global Ratings raised its long-term rating

  
Brief Excerpt:

...+ Thanks to strong cash flow generation, Cboe has improved its financial risk profile, and we project S&P Global Ratings adjusted debt to EBITDA of 1.4x and funds from operations to debt of 54% at the end of 2018. + Profitability also improved, thanks notably to the successful integration of Bats Global Markets (Bats), but the company remains reliant on its two flagship products--VIX futures and options and SPX options--in our view. + We raised the long-term rating on Cboe to 'A-'. + Our stable outlook reflects our expectation that Cboe will keep debt to EBITDA lower than 1.5x and funds from operations to debt higher than 50% over the next two years....

  
Report Type:

Research Update

Ticker
CBOE
Issuer
Cboe Global Markets
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Cboe Global Markets Inc. Rating Raised To 'A-' On Lower Leverage And Improving Profitability; Outlook Is Stable" Sep 25, 2018. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cboe-Global-Markets-Inc-Rating-Raised-To-A-On-Lower-Leverage-And-Improving-Profitability-Outlook-Is-Stable-2104670>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Cboe Global Markets Inc. Rating Raised To 'A-' On Lower Leverage And Improving Profitability; Outlook Is Stable Sep 25, 2018. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Cboe-Global-Markets-Inc-Rating-Raised-To-A-On-Lower-Leverage-And-Improving-Profitability-Outlook-Is-Stable-2104670>
  
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