Netflix's password sharing initiatives are accelerating subscriber gains and S&P Global Ratings expects these gains and incremental advertising revenue from new ad-supported tiers to quicken the pace of growth, leading to improving margins and sustained strong cash flow generation. We expect S&P Global Ratings-adjusted leverage will remain around 1.5x. As a result, we raised our ratings on Netflix, including the issuer credit rating, to 'BBB+' from 'BBB'. The stable outlook on Netflix reflects our expectation that it will maintain its global leadership position in streaming video, and experience improving revenue trends and modest margin expansion from its password sharing initiatives and new advertising monetization opportunities. We expect leverage to remain around 1.5x absent any meaningful acquisitions. The stable outlook on
