S&P Downgrades ASX Credit Rating to AA- to A+
Summary
S&P Global Ratings has downgraded ASX Limited's long-term issuer credit rating from AA- to A+ with a stable outlook. The downgrade follows a December 2025 revision of ASX's outlook from stable to negative, with S&P citing findings from the ASIC Inquiry's final report as contributing to the action. ASIC has imposed an additional $150 million capital charge on ASX until milestones in the Accelerate Program are achieved. ASX states this rating action does not affect its capital, liquidity, or funding position.
What changed
S&P Global Ratings downgraded ASX Limited's long-term issuer credit rating from AA- to A+ with a stable outlook, reflecting concerns identified in the ASIC Inquiry's final report. ASX will accumulate an additional $150 million of net tangible assets as a capital charge until milestones in the strategic reset of the Accelerate Program are achieved and ASIC approves staged reduction or release.
The downgrade primarily affects ASX's standing with investors, counterparties, and market participants. While ASX states the action has no impact on its capital, liquidity, or funding position, the lower rating may influence borrowing costs and market perception. The ASIC Inquiry findings and associated capital charge signal ongoing regulatory scrutiny of ASX's governance and operational capabilities.
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Penalties
$150 million capital charge
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
, 4 Australia Square
16 April 2026
-Urbach
Market Announcement
REVISED S&P CREDIT RATING FOR ASX LIMITED
S&P Global Ratings has today downgraded ASX Limited's long term issuer credit rating from AA- to A+ with a stable outlook. This follows the December 2025 revision of ASX's outlook from stable to negative. S&P noted that findings released in the ASIC Inquiry's final report contributed to the downgrade of ASX's credit rating. ASX is committed to addressing the ASIC Inquiry's interim and final reports by implementing our Commitments Plan. The focus areas for ASX under our Commitments Plan include strengthening governance and enhancing independence of the clearing and settlement facilities, conducting a strategic reset of the Accelerate Program, uplifting leadership capability, and meeting an additional capital charge of $150 million imposed by ASIC. 1 This rating action does not affect ASX's capital, liquidity or funding position. Release of market announcement authorised by: Andrew Tobin Chief Financial Officer
Sydney Level 27, 39 Martin Place ASX will accumulate an additional $150 million of net tangible assets relative to 31 December 2025 as a capital charge until milestones identified in the reset 1Sydney NSW 2000 Accelerate Program are achieved and ASIC approves the staged reduction or release. P.O. Box H22Further enquiriesAustralian Securities and Investments Commission ASX Market Announcements Office NSW 1215Simon Starr Tracy Lee Mr Benjamin CohnASX Limited General Manager, Corporate AffairsGeneral Manager, Investor Relations & Sustainability131 279Senior Executive Leader, Market InfrastructureLevel 27, 39 Martin Place+61 414 887 129+61 416 836 550+61 2 9338 0000 (from overseas)MediaAnalysts and investors Level 5, 100 Market StreetSYDNEY NSW 2000simon.starr@asx.com.au asx.com.auSYDNEY NSW 2000 media@asx.com.au ASX Limited ABN 98 008 624 691 1/1 Public
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