Fitch Ratings upgraded AppLovin’s long-term issuer default rating to 'BBB+' from 'BBB' with a stable outlook. The agency cited double-digit growth in revenue and EBITDA alongside a strengthening position in the mobile gaming sector.
Increased advertiser spending on AppLovin’s platforms served as a primary driver for the upgrade. Fitch forecasts the company will maintain free cash flow margins above 55%.
This move follows a similar upgrade from S&P Global Ratings. Both agencies highlighted the company's sustained high EBITDA margins and robust cash flow generation.