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S&P raises AppLovin
S&P said it boosted its ratings on AppLovin Corp. and its senior secured debt to BB- from B+.
“AppLovin Corp. ended 2021 with S&P Global Ratings-adjusted net leverage in the high-2x area, with over $1.5 billion cash on the balance sheet. We expect leverage will decline to the low-2x area in 2022 as the company benefits from strong secular trends in both digital advertising and mobile gaming,” the agency said in a press release.
The company recently reported a $750 million share repurchase authorization. If AppLovin were to spend all its $1.5 billion cash balance on acquisitions and share repurchases in 2022, S&P said it still believes the company would end 2022 with leverage of about 4x or below.
The outlook is stable.
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