Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable - S&P Global Ratings’ Credit Research

Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable

Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable - S&P Global Ratings’ Credit Research
Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable
Published Feb 29, 2024
7 pages (2991 words) — Published Feb 29, 2024
Price US$ 225.00  |  Buy this Report Now

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Abstract:

Grab Holdings Ltd.'s adjusted EBITDA will improve in 2024, following two consecutive quarters of positive EBITDA. Rising gross merchandise value (GMV) and take rates (revenue as a proportion of GMV), and a continued focus on profitability, will drive this. Operating cash flow (OCF) will also remain positive in 2024. The Singapore-based platform provider of mobility, delivery, and digital financial services can maintain a strong liquidity buffer, even after it prepays its remaining term loan B in 2024. We expect its debt-to-EBITDA ratio to improve to 2.0x-2.5x in 2024. We raised our long-term issuer credit rating on Grab to 'B+' from 'B'. At the same time, we raised our long-term issue rating on the company's term loan B to 'B+' from

  
Brief Excerpt:

...- Grab Holdings Ltd.'s adjusted EBITDA will improve in 2024, following two consecutive quarters of positive EBITDA. Rising gross merchandise value (GMV) and take rates (revenue as a proportion of GMV), and a continued focus on profitability, will drive this. Operating cash flow (OCF) will also remain positive in 2024. - The Singapore-based platform provider of mobility, delivery, and digital financial services can maintain a strong liquidity buffer, even after it prepays its remaining term loan B in 2024. We expect its debt-to-EBITDA ratio to improve to 2.0x-2.5x in 2024. - We raised our long-term issuer credit rating on Grab to 'B+' from 'B'. At the same time, we raised our long-term issue rating on the company's term loan B to 'B+' from 'B'. - The stable rating outlook reflects our expectation that Grab will maintain ample liquidity while it develops a track record of positive EBITDA and cash flow....

  
Report Type:

Research Update

Ticker
1681166D@SP
Issuer
Grab Holdings Ltd.
Sector
Global Issuers
Country
Singapore
Region
Emerging Markets
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable" Feb 29, 2024. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Grab-Holdings-Ltd-Upgraded-To-B-On-Positive-EBITDA-And-Cash-Flow-Lower-Debt-Load-Outlook-Stable-3132515>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Grab Holdings Ltd. Upgraded To 'B+' On Positive EBITDA And Cash Flow, Lower Debt Load; Outlook Stable Feb 29, 2024. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Grab-Holdings-Ltd-Upgraded-To-B-On-Positive-EBITDA-And-Cash-Flow-Lower-Debt-Load-Outlook-Stable-3132515>
  
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