Overview Key strengths Key risks Among the top ride-hailing and food delivery platform operators in Southeast Asia Geographic footprint focused on Southeast Asia, with limited revenue scale, compared with rated global peers. Ample liquidity to tolerate cash burn until a turnaround in financial performance likely in 2025. Engaged in a highly competitive and nascent industry, with exposure to evolving regulatory risks. Negative EBITDA and free operating cash flow to persist at least over the next 24 months. Following the completion of Grab's listing on the U.S. NASDAQ stock market in December 2021, the company's capital structure has improved with the elimination of near-term refinancing risk. Convertible redeemable preference shares, which we treat as debt-like, have fully been converted into equity
