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Moody's turns Weibo outlook to negative
Moody's Investors Service said it changed Weibo Corp.’s outlook to negative from stable and affirmed its Baa2 issuer and senior unsecured ratings.
Last week, Weibo reported in its quarterly results for the three months ended Sept. 30 that its prepaid expenses and other current assets have increased by about $357 million. Weibo also added $381 million in other non-current assets in the second quarter. Moody’s noted the company has used around $738 million of cash to invest in new assets for the year to date.
"The negative outlook reflects Weibo's reduced cash buffer, increased execution risks, and delayed deleveraging as the company raised investments, reflecting a higher risk appetite in its corporate strategy," said Lina Choi, a Moody's senior vice president, in a press release.
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