S&P Global Ratings downgraded Intercontinental Exchange Inc.'s long-term issuer credit rating and senior debt ratings to BBB+ from A and its short-term issuer credit rating and commercial paper program rating to A-2 from A-1.

The outlook on the issuer credit rating is negative.

The downgrade of two notches reflects that Ratings expects ICE's financial risk profile to substantially weaken with its acquisition of Ellie Mae Inc. The negative outlook reflects the one-in-three possibility that the ratings could be further downgraded if ICE fails to decrease leverage as quickly as expected.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.