S&P has upgraded Netflix to investment grade, admiring the streamer’s financial profile as it continues to lead the market in an increasingly competitive OTT landscape.
The ratings agency said Monday it sees the company remaining the dominant player and it took its senior unsecured debt rating from BB+ to BBB blue chip status with outlook stable.Shares of the company behind Squid Game are up about 1.4% at $674.In its report the agency gave a shout out to solid revenue growth, rising margins, reduced leverage and positive free operating cash flow in 2022 and beyond.
It said its assessment of Netflix is now similar to how it sees Disney’s business risk, although it still views the latter’s overall business as more favorable given iconic
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