We expect JD's competitive position to improve as the company boosts its online sales and enhances its product and service offerings over the next 12-24 months. We are revising our rating outlook on the China-based online direct sales retailer to positive from stable. We are affirming our 'BBB-' long-term corporate credit rating on JD and our 'BBB-' long-term issue rating on the company's senior unsecured notes. The positive outlook on JD reflects the company's better- operating performance than we expected, and our expectation that JD will maintain its good business growth, increase market share, stabilize profitability, and improve cash flows over the next 12-24 months. We also expect JD to maintain a net cash balance over the period. On Nov.
