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Moody’s assigns Twilio, notes Ba3
Moody’s Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Twilio Inc. Concurrently, Moody’s rated Twilio’s proposed $1 billion of senior unsecured notes at Ba3 and assigned a speculative grade liquidity rating of SGL-1.
“The Ba3 CFR reflects Twilio’s very high Moody’s adjusted leverage, negative free cash flow generation, and expectations for continued substantial operating losses over the near-term as the company continues to aggressively fund growth,” the agency said in a press release.
Proceeds will be used for general corporate purposes, funding about $1 billion to Twilio’s balance sheet.
The outlook is stable. “The stable outlook reflects Moody’s expectation of mid-double-digit percentage organic annual revenue growth and significant improvement in free cash flow generation over the next 12-18 months,” the agency said.
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