S&P upgrades Elastic

S&P said it raised its ratings for Elastic NV and its senior unsecured notes to BB- from B+.

Elastic beat expectations for operating performance over the past 12 months and continues to gain scale while delivering greatly enhanced levels of profitability, the agency said.

S&P said it estimates Elastic will generate high-teens revenue growth in fiscal 2024.

The outlook is stable.

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