S&P boosts Grab Holdings

S&P said it raised its ratings for Grab Holdings Ltd. and its senior secured term loan to B+ from B.

“Grab Holdings Ltd.'s adjusted EBITDA will improve in 2024, following two consecutive quarters of positive EBITDA. Rising gross merchandise value (GMV) and take rates (revenue as a proportion of GMV), and a continued focus on profitability, will drive this. Operating cash flow (OCF) will also remain positive in 2024,” the agency said in a press release.

Additionally, the agency said it expects Grab’s EBITDA to turn positive for the full year 2024 compared to its almost break-even performance on an S&P Global Ratings-adjusted basis in 2023. EBITDA was positive for the last two quarters of 2023.

The outlook is stable.

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