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Uber Technologies Inc.'s Unsecured Notes For Careem Acquisition Rated 'CCC+'; 'B-' Issuer Rating Affirmed
- 12-Sep-2019 08:52 EDT
- Table of Contents
- Transportation-as-a-service provider Uber Technologies Inc. plans to issue $750 million of unsecured notes for general corporate purposes, including the payment of a portion of the purchase price in connection with the pending acquisition of Careem.
- We are affirming our 'B-' rating on the company, and assigning a 'CCC+' issue-level rating with a '5' recovery rating to the proposed notes.
- The stable outlook reflects Uber's multiple sources of liquidity, including its balance sheet cash, revolving credit facility, equity investments, capacity to sell minority stakes in certain assets, and access to the capital markets. It also has the flexibility to slow its discretionary investment spending in areas such as Uber Eats, autonomous vehicle research, and New Mobility (bikes and scooters).