We believe Grab Holdings Ltd.'s ample cash balance and improved capital structure will help it withstand losses and negative cash flows over the next two to three years, until disciplined spending and greater economies of scale lead to positive cash flows. Grab is likely to continue to face stiff competition in southeast Asia amid macroeconomic volatility and evolving regulations, thereby delaying its operational turnaround to 2025. On Oct. 25, 2022, S&P Global Ratings affirmed its 'B-' long term issuer credit rating on Grab and the 'B-' long-term issue rating on the senior secured notes the Singapore-based mobility, delivery, and digital financial services platform provider issued. The stable outlook reflects our expectation that Grab will maintain sufficient liquidity that will provide
