JD.com Inc.'s market position will continue to strengthen on increased product diversity, supported by growth in the non-electronic and logistics segments, and improved service quality. We expect the China-based e-commerce company's prudent financial policy to support a net cash position over the next 12-24 months. On Sept. 3, 2020, S&P Global Ratings revised its outlook on JD.com to positive from stable. At the same time, we affirmed our long-term issuer credit rating on the company and our long-term issue ratings on its senior unsecured notes at 'BBB'. The positive outlook reflects our expectation that JD.com will experience healthy revenue and EBITDA growth thanks to greater product diversity and increasing economies of scale. We revised the outlook to positive because we
