-- ASX (ASX:ASX) said S&P Global Ratings has downgraded the company's long-term issuer credit rating to A+ from AA-, with a stable outlook, according to a Thursday filing with the Australian bourse.
The Australian Securities and Investments Commission's (ASIC) final report on an inquiry into risk management deficiencies at the exchange operator contributed to the downgrade, the company said.
In its own statement, the ratings agency said the persistent operational failures flagged by the regulator will take several years and significant investment to resolve. However, it added that ASX is expected to show continued strong revenue growth as most of its businesses are still benefiting from market movements.
ASX reaffirmed its commitment to addressing the issues highlighted by the ASIC, adding that the downgrade does not impact its capital, liquidity or funding position.