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Bond Market News
Uber Technologies Upgraded to IG Status of Baa2 by Moody’s
August 28, 2024
Uber Technologies was upgraded by two notches to Baa2 from Ba1 by Moody’s, making it a rising star. The upgrade reflects Uber’s substantial and rapid improvements in profitability and strong track record of executing its growth plans. Moody’s expects that the company’s balanced financial policy will support further strengthening of credit metrics. Uber has robust liquidity with $6.3bn of cash and short-term investments, strong free cash flow, and an undrawn $2.5bn revolving line of credit. Moody’s expects Uber’s total debt-to-EBITDA to decline to about 2x by end of 2025, from ~3x at 2Q 2024. Last week, Uber was upgraded to IG status of BBB- by S&P.
Uber’s bonds traded slightly positive with its 8% 2026s up at 100.5, yielding 7.73%.
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