Tesla received a stamp of approval from S&P Global Ratings, with the firm revising its outlook on the electric car maker’s bonds from “Negative” to “Positive.” The revised outlook came as a result of Tesla’s stronger-than-expected cash flow and recent debt reduction.
With this change in mind, a potential credit upgrade for Tesla might be in line for the near future. Interestingly, S&P opted to bypass the “Stable” view in between its “Negative” and “Positive” ratings on the “increased likelihood” that Tesla will maintain a high demand for its products and achieve better manufacturing efficiencies.
“The positive outlook reflects an increased likelihood that Tesla’s credit metrics will improve more than our base-case projection because of higher demand and manufacturing-related efficiencies,” S&P Global said.
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