S&P: IHS Markit Ltd. Upgraded To 'BBB - On Successful Merger With Markit Ltd. And Improving Energy Business; Outlook Stable

S&P Global Ratings today raised its corporate credit rating on London.-based IHS Markit Ltd. to 'BBB-' from 'BB+'. The outlook is stable. We also raised the issue-level rating on the company's unsecured credit facilities and senior unsecured notes to 'BBB-' from 'BB+'.

The upgrade reflects the company's successful merger between IHS Inc. and Markit Ltd., improving energy business, and commitment to its financial policy.

The stable outlook reflects our expectation that IHS Markit will maintain its leading market position and upload its financial policy over the next 24 months such that leverage remains in the 3x area with one time spikes to 4x followed by rapid deleveraging.

We could lower the rating over the next 24 months if the company adopts a more aggressive financial policy such that leverage stays above 3.5x or operating performance deteriorates either from a loss in market share, increased volatility in the financial and energy markets, and inability to expand EBITDA margins.

While unlikely, we could raise the rating over the next 24 months if the company adopts a more conservative financial policy such that leverage remains below 2.5x or if the company were to materially increase its scale or improve its market share within its core end markets.

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