...HONG KONG (S&P Global Ratings) June 23, 2017--S&P Global Ratings today said that its rating on JD.com Inc. (JD: ###-/Stable/--; cnA-/--) is not affected by the Chinese e-commerce company's US$397 million investment in U.K.-based online luxury fashion retailer, Farfetch Group. Our '###-' long-term issue rating on the senior unsecured notes issued by JD is also not affected. The investment will not have a material impact on JD's leverage ratios, which we expect will remain low over the next 12-24 months, supporting the company's financial risk profile. Excluding the impact of captive finance, JD is likely to generate positive free operating cash flows over the next 24 months, due to improving working capital management and profitability, which should offset capital expenditure needs. In addition, we expect JD's existing cash position may be further enhanced if it completes a planned spinoff of JD Finance, which would raise an estimated Chinese renminbi (RMB) 14.3 billion (US$2.12 billion)...
