We are updating our forecast for Mountain View, Calif.-based Alphabet Inc. to reflect the current global macroeconomic environment. Alphabet remains the preeminent global digital advertising company. While regulatory risk, which remains an overhang, is unlikely to change our rating on Alphabet under our base case, we have made some adjustments in how we reflect this risk in our rating construction. We affirmed our 'AA+' issuer credit ratings on Alphabet. The stable outlook reflects our expectation that Alphabet will maintain its leadership position in the online search and display advertising market and deliver sustained solid operating performance while maintaining adjusted leverage below 1x. Still, despite our expectations for slower revenue and cash flow growth, we do not believe that our ratings
