S&P Global Ratings reportedly shifts Meta’s outlook to negative but keeps AA- rating

S&P Global Ratings changed Meta’s credit outlook from stable to negative on Oct. 30, 2026, while keeping its AA- rating, CNBC reported. The outlook changed; the letter-grade rating did not.

According to CNBC, S&P cited uncertainty about Meta’s elevated capital spending and negative free cash flow. The agency also questioned Meta’s ability to monetize its AI investments, saying it was unclear when related revenue streams would make material contributions exceeding their rising costs over the next few years.

Meta pushed back. “We respectfully disagree with S&P’s assertion about Meta’s AI monetization capabilities,” a company spokesperson said in a statement quoted by CNBC. The spokesperson pointed to “significant product and business opportunities ahead of us” as support for Meta’s credit profile.

In its third-quarter earnings report the previous week, Meta projected $135 billion to $145 billion in full-year 2026 capital spending and posted negative free cash flow of $2.12 billion, CNBC reported. Meta shares finished October down 15%, their worst month in four years, according to .