S&P Global Ratings has placed Qube Holdings' (ASX:QUB) BBB long-term issuer credit rating on CreditWatch with negative implications, according to a Thursday release.

The rating agency believes the Australian logistics' credit profile may not be able to shield against additional debt amid an offer by a Macquarie Asset Management-led consortium to acquire 100% of its ordinary shares.

The CreditWatch placement points to possible negative rating actions following the acquisition's completion, with the direction of the capital structure and the new owner's financial policies still up in the air, S&P said.

The rating agency believes a rise in the company's leverage is highly possible given the acquirer's historical financing records for similar deals.

Still, S&P sees the company's revenue and cash flow to remain stable in the next 12 to 18 months, with underlying revenue rising 5% to 7% in fiscal 2026 and 2027.