S&P lowers Meta's rating outlook to negative, expects it to rely on debt to cover cash flow shortfall by 2028.

October 31 - S&P Global Ratings revised its credit rating outlook for Meta from stable to negative, citing increased uncertainty from the company's high capital expenditures.

S&P stated that it expects Meta to rely solely on debt financing in 2028 to cover its projected free operating cash flow (FOCF) shortfall. The outlook revision reflects market concerns that Meta's continued expansion of capital expenditures, especially investments in AI infrastructure, may pressure its cash flow and financial condition.