S&P upgrades Alphabet, Google notes

S&P said it raised the corporate credit rating on Alphabet Inc. to AA+ from AA.

Alphabet is the parent company of Google Inc.

The agency also said it raised the rating on Alphabet's and Google Inc.'s unsecured notes to AA+ from AA.

The agency also said it affirmed the A-1+ short-term rating on the company's commercial-paper program.

The outlook is stable.

The upgrades reflect Alphabet's consistently strong operating performance despite a challenging and evolving digital advertising market, S&P said.

The upgrades also consider the company’s conservative financial policy and strong liquidity profile, the agency said.

The ratings reflect its leading position in the desktop and mobile search advertising markets, robust technology and user data, and intellectual and financial capital that allows the company to exploit new business opportunities, S&P said.

Alphabet's robust technology and data create a competitive advantage that is difficult to replicate, the agency added.

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