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Bond Market News
Uber Upgraded to BBB+ by S&P
May 29, 2026
Uber Technologies was upgraded by a notch to BBB+ from BBB by S&P. The upgrade reflects Uber’s continued strong business execution and improving financial profile. The company generates over $8bn in annual free operating cash flow with net debt-to-EBITDA well below 1x. Gross bookings growth has compounded at ~20% over the past three years, and the management guided for a 18-22% growth in 2Q2026. The delivery segment has also shown steady EBITDA margin improvement, and Uber is broadening its platform into commerce and travel to sustain audience and frequency growth. On autonomous vehicles, S&P views the technology as a longer-term credit risk rather than an immediate one. Uber holds ~$8.1bn in equity stakes in other companies, which it plans to monetize over time. This could be an additional source of liquidity that S&P views as credit positive. Recently, Uber approached Delivery Hero last week with a €33/share takeover proposal.
Uber’s 4.8% 2034s were up 0.4 points to 97.9, yielding 5.1%
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