...- We now view Netflix Inc.'s business more favorably because it continues to demonstrate market leadership despite the increasingly competitive over-the-top (OTT) landscape, including its improving operating margins and transition to a sustainably cash flow generative business. - We consider the improvement in our assessment of the company's business risk profile, coupled with management's clear statement of its financial policy to maintain total debt at current levels while increasing its cash flow, as sufficient to support an investment-grade rating and a two-notch upgrade. - We raised our ratings on Netflix, including our issuer credit rating and issue-level ratings, to '###' from '##+'. - The stable outlook reflects our expectation that the company will maintain its global leadership position in streaming video despite the increasingly competitive environment. Specifically, we expect continued solid revenue growth, rising margins, reduced leverage of about 2x, and positive free operating...
