Euronext upgraded to ‘BBB+’ by S&P

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 9 February 2023 – Euronext, the leading pan-European market infrastructure, today acknowledges the decision of S&P to upgrade Euronext from ‘BBB, Positive outlook’ to ‘BBB+, Stable outlook’.

S&P decision reflects Euronext strong cash generation and deleveraging capabilities following the acquisition of the Borsa Italiana Group, as well as Euronext Clearing revised investment policy, as announced on 28 July 2022 that has meaningfully reduced risk for Euronext.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“We are pleased today to see Euronext rating upgraded by S&P to BBB+, Stable Outlook. This upgrade is a great recognition of the transformation journey we engaged in following the acquisition of the Borsa Italiana Group. Since the closing of the acquisition of the Borsa Italiana Group, we have pursued our deleveraging path, from 3.2x net debt to EBITDA at closing, to 2.6x at the end of 2022.

Euronext is today stronger than ever, with a strong and diversified business profile. Combined with our recognized solid financial position and strong cash generation, and our strong track record in post-merger integration projects, we are in the right position to look for possible external growth opportunities, in line with our disciplined capital deployment policy.”

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About Euronext
Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal. As of March 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host nearly 1,800 listed issuers with around €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
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