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Moody’s Upgrades Uber’s Senior Unsecured Notes to Baa1; Outlook Changed to Positive
June 3, 2025
Uber Technologies‘ senior unsecured notes were upgraded to Baa1 from Baa2 by Moody’s, citing its robust financial profile driven by strong growth and increasing profitability. Uber’s adjusted EBITDA increased by 49% YoY in FY2024 and it generated free cash flow (FCF) of $7.8bn in the same period. Moody’s expects FCF to surpass $8bn in 2025 despite global trade policy uncertainties. Moody’s believes that a strong management track record of expanding services will inhibit strong organic growth prospects. They also believe that advancements in autonomous vehicles would bring in opportunity for expansion as well as competition at various scale. The positive rating outlook reflects expectation that Uber will maintain a solid financial profile in the future. Uber was upgraded to IG status by Moody’s in August last year.
Uber’s dollar 7.5% 2027s increased by 0.1 point to 101.24, yielding 6.9%.
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