S&P upgrades Uber

S&P said it upgraded Uber Technologies Inc. to B from B-, its secured debt to B+ from B and its unsecured debt ratings to B- from CCC+.

“The upgrade reflects our expectation for positive EBITDA on a quarterly basis in the second half of 2021 on a rebound in the Mobility segment. The Covid-19 holiday surge has subsided, vaccines are rolling out and delivery profitability is improved on higher basket sizes and courier utilization,” S&P said in a press release.

Uber’s healthy unrestricted $6.8 billion cash balance and equity stakes with nearly $10 billion of book value as of Dec. 31 provide key support for the rating, the agency said.

The outlook is stable.

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