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Moody's upgrades Intuit over growing EBITDA margins

Moody's upgraded Intuit Inc.'s senior unsecured rating to A3 from Baa1.

As Intuit adds tools and services to the TurboTax consumer and QuickBooks small business software-as-a-service systems, Moody's expects the company to improve "already high customer retention" and expand average revenue per subscriber.

The rating reflects the agency's expectations of continuing expansion in customer count, EBITDA margins reaching 30% and "modest" financial leverage, as well as revenue growth of 8% to 10%.

The agency revised the rating outlook to stable from positive.