Moody's assigned an Aa2 rating to Alphabet's proposed yen-denominated senior unsecured notes, with a stable outlook.
Alphabet holds about $144 billion in cash and marketable securities and a debt-to-EBITDA ratio of roughly 0.7× as of 31 Mar 2026.
FY2026 capital expenditure guidance raised to $180-190 billion, driven by Intersect acquisition, while Q1 revenue jumped 22% with cloud up 63%.
S&P forecasts adjusted leverage of 0.2× end-2026 rising to 0.3× in 2027, and cloud backlog exceeds $460 billion.