Moody’s upgrades Intuit to A3

Moody's Investors Service said it upgraded Intuit Inc.'s senior unsecured rating to A3 from Baa1 and revised the outlook to stable from positive.

"As tools and services are added to the TurboTax consumer and QuickBooks small business SaaS eco-systems, Moody's expects Intuit will improve already high customer retention, gain new customers and expand average revenue per subscriber," Moody's senior credit officer Edmond DeForest said in a news release.

The agency said its expectations for 8% to 10% revenue growth, ongoing customer count expansion, EBITDA margins approaching 30%, modest financial leverage and $1 billion of free cash flow a year, drive the upgrade of the senior unsecured rating to A3 from Baa1.

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