JD.com Inc.'s credit profile is strengthening with healthy retail sales growth and increasing profit contribution from JD Logistics Inc., a majority-owned subsidiary. We expect the China-based online retailer to see healthy mid-single digit revenue and EBITDA growth, slightly outpacing GDP growth in 2025. Ongoing trade tensions with the U.S., if they persist, could potentially hit consumer confidence and growth. Nonetheless, we expect the company to do relatively well. On April 14, 2025, 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 JD.com and our long-term issue rating on its senior unsecured notes at 'A-'. The positive outlook reflects our view of steady EBITDA growth over
