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Uber's Cost Cuts May Be Working: S&P Global Upgrades Credit Rating As Stock Soars 25% In 2 Weeks

Benzinga ·  03:11

S&P Global raisedUber Technologies Inc's(NYSE:UBER) credit rating to BBB- from BB+ on Friday evening after the market close.

The company's share price is up by 25% in the past two weeks after stronger-than-expected earnings results earlier this month.

For the ride-hailing giant, recent successes may trace back to a series of cost-cutting decisions initiated in mid-2022.

S&P's Upgrade

The upgrade by S&P Global, which is one of the "Big Three" credit rating agencies, puts Uber back in the investment-grade category.

BBB- is the lowest investment-grade rating...

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