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Bond Market News
Uber Upgraded to BB+ by S&P
March 6, 2024
Uber Technologies was upgraded by two notches to BB+ from BB- by S&P. S&P also upgraded Uber’s senior secured debt to BBB- and its senior unsecured debt to BB. The upgrade follows the company’s improving profitability and growth in free operating cash flow (FOCF), resulting in improving credit metrics. Uber’s EBITDA increased significantly to $4bn in 2023 up from $1.7bn in 2022. S&P has a positive outlook on Uber, expecting it to clock an adjusted EBITDA and FOCF of $5.5bn and $2.7bn respectively in FY2024 and its debt-to-EBITDA to decline to 1.2x from 2.1x as of end FY2023. Uber was earlier upgraded by Moody’s to Ba1 in February. At both rating agencies i.e., Moody’s and S&P, the credit ratings of Uber have been on uptrend since 2021. For instance, Moody’s has upgraded Uber from B2 to Ba1 during July 2021-February 2024 while S&P has upgraded it from B to BB+ during the February 2021-March 2024 period.
Uber’s 7.5% 2027s traded stable at 102.5 cents on the dollar, yielding 6.69%
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