Uber (UBER) Raised to Investment-Grade by S&P on Earnings Growth

S&P Global Ratings upgraded Uber Technologies Inc.’s credit ratings to investment-grade status on Friday, citing the ride-hailing and food-delivery company’s consistent earnings growth.

Uber’s main bond ratings were upgraded to BBB-, the lowest investment-grade level, from BB+, the highest junk grade, S&P said in a statement. Investment-grade credit ratings can translate to lower borrowing costs for a company, because a wider array of investors are eligible to buy high-grade securities.