Cboe Global Markets announced on Dec. 10, 2019, that it has entered into a definitive agreement to acquire EuroCCP, a leading pan-European equities clearing house. We expect the impact on Cboe's financial risk profile to be very small given the low price for the acquisition, and we do not see substantial upside to the business risk profile materializing within our two-year horizon. As a result, we are affirming the 'A-' ratings on the company and revising the outlook on the issuer credit rating to negative from stable. The negative outlook reflects clearing risks as Cboe and EuroCCP work on bolstering EuroCCP's liquidity sources and resilience in a hypothetical "cover 2" stress scenario. On Dec, 11, 2019, S&P Global Ratings revised
