JD.com's Proposed U.S. Dollar-Denominated Senior Unsecured Convertible Notes Rated 'A-'

HONG KONG (S&P Global Ratings) May 21, 2024--S&P Global Ratings today assigned its 'A-' long-term issue rating to JD.com Inc.'s proposed U.S. dollar-denominated senior unsecured convertible notes due 2029. The issue rating is subject to our review of the final terms and conditions. We equalize the issue rating with the issuer credit rating on JD.com (A-/Stable/--). This is based on the low subordination risk of the notes, given the company's low amount of priority debt and healthy net cash position. JD.com's capital structure consisted of Chinese renminbi (RMB) 11.4 billion of secured borrowings, RMB10.4 billion of senior unsecured notes, and RMB25.2 billion of unsecured borrowings as of Dec. 31, 2023. Of the RMB47.0 billion group debt, RMB17.6 billion was at

...May 21, 2024 HONG KONG (S&P Global Ratings) May 21, 2024--S&P Global Ratings today assigned its 'A-' long-term issue rating to JD.com Inc.'s proposed U.S. dollar-denominated senior unsecured convertible notes due 2029. The issue rating is subject to our review of the final terms and conditions. We equalize the issue rating with the issuer credit rating on JD.com (A-/Stable/--). This is based on the low subordination risk of the notes, given the company's low amount of priority debt and healthy net cash position. JD.com's capital structure consisted of Chinese renminbi (RMB) 11.4 billion of secured borrowings, RMB10.4 billion of senior unsecured notes, and RMB25.2 billion of unsecured borrowings as of Dec. 31, 2023. Of the RMB47.0 billion group debt, RMB17.6 billion was at the parent level. The company also had preferred shares of RMB13.5 billion at the subsidiary level and mezzanine equity of RMB614 million that we consider to be debt. JD.com intends to use the proceeds for share repurchases,...

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