S&P upgrades Uber

S&P said it raised its issuer credit rating on Uber Technologies Inc. to BB+ from BB-.

At the same time, the agency raised the issue-level ratings on Uber’s senior secured debt to BBB- from BB and its senior unsecured notes to BB from B+. The 2 and 5 secured and unsecured recovery ratings, respectively, are unchanged.

The outlook is positive.

S&P noted that Uber’s business growth and platform scale are translating to rapid profit and cash flow improvements.

“We expect further improvements, including continued EBITDA expansion and free operating cash flow (FOCF) growth, such that the company’s debt to EBITDA declines to about 1.2x in 2024 from 2.1x as of Dec. 31, 2023,” S&P said in a news release.

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