Moody's Investors Service upgraded Netflix Inc.' debt rating by one notch on Wednesday, raising it to Ba3 from B1, but keeping it three notches into speculative-grade, or "junk," status. The move is due "to our expectations for continuing strong momentum of global subscriber and revenue growth for the intermediate-term, and our expectation that 2018 will be the negative cash flow trough for the company," the agency said in a statement. The company's credit metrics are expected to remain weak through 2019, but metrics such as the debt-to-EBITDA leverage, is expected to improve and become more consistent with the rating by 2020. Netflix shares were up 3% in afternoon trade, and have gained 112% in the last 12 months, while the S&P 500 SPX, -0.55% has gained 13%.