Moody’s gives Meta bonds A1

Moody’s Investors Service said it rated Meta Platforms, Inc.’s first bond offering A1. The offering is expected to be of benchmark size with multiple maturities.

“The A1 debt rating assignment is based on Meta's strong credit profile which reflects the leading global position of its platform brands in social networking, supported by its extensive user base of 2.88 billion and 3.65 billion family daily active people (DAP) and family monthly active people (MAP) worldwide, respectively. The company's vast unparalleled global base of users, compelling user experience, and its unique and efficient ability to finely target pools of consumers on a mass basis make the company's platforms highly attractive for global brand, national, regional and local advertisers,” Moody’s said in a press release.

“Moody's expects the company's annual free cash flow will be down in fiscal 2022 to around $15 billion due to the current heavy investment cycle. When this investment period ends, we believe it will return to recent historical free cash flow levels of between $25 and $40 billion per annum,” the agency added.

The outlook is stable.

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