[S&P Downgrades Meta's Rating Outlook to Negative, Expects It to Rely on Debt to Cover Cash Flow Shortfall in 2028] BlockBeats reports that on October 31, S&P Global Ratings revised its outlook on Meta's credit rating from stable to negative, citing increased uncertainty stemming from the company's high capital expenditures. S&P stated that it expects Meta to rely solely on debt financing to cover its anticipated free operating cash flow (FOCF) shortfall in 2028. This outlook adjustment reflects market concerns that Meta's continued expansion of capital expenditures, particularly investments in AI infrastructure, could put pressure on its cash flow and financial condition.