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Bond Market News
Uber Upgraded to BB- by S&P
September 25, 2023
Uber Technologies (Uber) was upgraded to BB- from B+ by S&P and its outlook was revised to positive. S&P also raised the issue level ratings of its senior secured and senior unsecured debt by a notch to BB- and B+ respectively. The rating action is a result of the improved operating performance demonstrated by Uber over the last eight quarters. S&P believes that the trend is likely to continue through 2024 and the company will meet its 2024 goals for EBITDA and cash flow. Uber reported $900mn of management adjusted EBITDA last quarter and has guided to EBITDA of $1.025bn for next quarter.
Uber’s dollar bonds were flat with its 7.5% 2027 trading at 101.1, yielding 7.17%
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