Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online, announced today it has received investment-grade ratings by two leading credit rating agencies. Moody’s Investors Service ("Moody’s") rated Akamai Baa2 with a stable outlook and S&P Global Ratings ("S&P") assigned the company a BBB+ rating with a stable outlook.
According to the Moody’s report, the rating reflects, among other things, Akamai’s leading position in the content delivery network ("CDN") market and certain cyber security markets, strong operating performance, robust liquidity and conservative financial profile.
The S&P report cites Akamai’s position as a leader in the CDN market, with positive growth in its enterprise security and compute segments. The report also cites the company's highly recurring revenue base, consistent top-line growth and strong profitability through product investments and acquisitions.
"These investment-grade credit ratings serve as testament to the strength of our business, balance sheet, profitability and cash flow generation," said Ed McGowan, executive vice president and chief financial officer, Akamai Technologies. "They also broaden our financial toolkit, enabling us to evaluate all available financing instruments to determine what is best suited for our financial goals."
