Broadly, the main credit risks stemming from social issues are linked to data security, diversity in the workplace and access to highly skilled workers. Moody's expects that Twilio, a public company with an independent board of directors, will pursue a disciplined financial policy which balances shareholder and creditor interests.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSTwilio's ratings could be downgraded if the company is not on track to generate significant free cash flow (CFO -- capex) over the next 12-18 months. There could also be downward pressure on ratings if organic revenue growth decelerates as a result of sustained market pressures or if Twilio were to further increase debt balances before achieving operating profitability.