China-based online e-commerce company JD has a satisfactory market position supported by its improving product and service offering and highly scalable technology platform, in our view. The company's exposure to China's highly competitive and fragmented retail industry and its low profitability temper these strengths. We are assigning our 'BBB-' long-term corporate credit rating to JD and 'BBB-' issue rating to the company's proposed senior unsecured notes. We are also assigning our 'cnA-' long-term Greater China regional scale rating to the company and the notes. The stable outlook on JD reflects our expectation that the company will maintain its good business growth and improve the margins of its core online retail business over the next 12-24 months, despite intense market competition.
