...December 1, 2021 SINGAPORE (S&P Global Ratings) Dec. 1, 2021--S&P Global Ratings today said that the listing of Grab Holdings Inc. (Grab), will provide a bigger cash buffer to support the Singapore-based mobility, delivery, and digital financial platform provider's cash burn. The public listing has bolstered Grab's liquidity to support growth aspirations, and the transaction also removes its 2023 maturity wall. However, its credit quality continues to be constrained by its loss-making operations, and free operating cash flows could be negative over the next 12 months. We expect the company's reported EBITDA to be a negative US$750 million in 2021 and a negative US$430 million in 2022. Proceeds of US$4.5 billion from its listing will add to its cash and cash equivalents of US$5 billion as of Sept. 30, 2021. In the first three quarters of the year, Grab's reported EBITDA was a negative US$537 million, an improvement over the negative US$847 million during the same period last year. Grab's...
