S&P Global Ratings moved its view of Meta from stable to negative, citing uncertain AI spending and possible cash pressure. A return to stable depends on adjusted leverage below 1.0 times and positive free operating cash flow by 2028, goals not reported as met.
Meta's AI build-out could require more borrowing and leave less cash from its operations. A stable view would require adjusted leverage below 1.0 times and positive free operating cash flow by 2028. Those are future conditions, not results already reported, so the warning carries more weight.
S&P Global issued a changed view on Meta, but the story reports no change to S&P Global's own sales, costs, or customers. It does not show a change to S&P Global's business.
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