Tesla is the first company to get a $1 Trillion valuation?
- If you were wondering which junk-rated company would be the first to reach a trillion-dollar market capitalization, your wait is over. None Hamburg is at the heart of China s growing dilemma over Germany.
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The automaker s debt may still be considered speculative-grade, but its stock passed the $1 trillion mark on Monday, according to Bloomberg data compiled. Tesla shares, which have been on a tear as consumers shift to electric vehicles, touched a record high of $998.74 earlier, jumping 9.8% for the best intraday performance since March 9. That pushed the company s market capitalization above $1 trillion based on about a billion shares outstanding as of Oct. 21.
The $1 trillion mark leaves Tesla creditors with unprecedented equity cushion for a junk-rated issuer, said Bloomberg Intelligence credit analyst Joel Levington.
The valuation milestone comes after S&P Global Ratings upgraded Tesla's long-term rating to BB from BB on Friday. The ratings agency said it expects the company s deliveries and earnings to remain strong over the next few quarters.
S&P s recent upgrade of Tesla has the auto manufacturer knocking on the high grades door, and we expect the company to cross over to investment grade within the next 12 months, opening up the potential for further financial product offerings, Levington said.
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