...December 3, 2019 HONG KONG (S&P Global Ratings) Dec. 4, 2019--S&P Global Ratings today assigned its '###' long-term issue rating to the U.S.-dollar-denominated senior unsecured notes that JD.com Inc. (JD; ###/Stable/--) proposes to issue. The rating on the notes is subject to our review of the final issuance documentation. JD plans to use the net proceeds from the notes issuance for general corporate purposes. We rate the notes the same as the long-term issuer credit rating on JD because we see limited subordination risk, given the company's low debt leverage. We expect JD's debt leverage to remain materially below 1.5x and the company was in net cash position at the end of the third quarter of 2019. As of Sept. 30, 2019, JD's capital structure consisted of about Chinese renminbi (RMB) 7.0 billion of senior unsecured debt and RMB3.2 billion of revolving credit facilities borrowed at the parent level, with no meaningful debt issued at the subsidiary level. The company also has convertible...
