Research Update: JD.com Upgraded To 'BBB+' On Improving Business Position In China's E-Commerce Market; Outlook Positive

JD.com Inc. has further solidified its position as the largest online retailer in China as consumers in lower-tier cities shift online. We expect the China-based e-commerce company's growing cash flows from operations and sizable cash and cash equivalents on its balance sheet to support its investment plans over the next 12-24 months. On March 24, 2021, S&P Global Ratings raised the long-term issuer credit rating on JD.com to 'BBB+' from 'BBB'. At the same time, we raised the long-term issue rating on the company's senior unsecured notes to 'BBB+' from 'BBB'. The positive outlook reflects our expectation that JD.com's revenue will continue to grow at a healthy pace of above 18% per year and the company will maintain a net

...- JD.com Inc. has further solidified its position as the largest online retailer in China as consumers in lower-tier cities shift online. - We expect the China-based e-commerce company's growing cash flows from operations and sizable cash and cash equivalents on its balance sheet to support its investment plans over the next 12-24 months. - On March 24, 2021, S&P Global Ratings raised the long-term issuer credit rating on JD.com to '###+' from '###'. At the same time, we raised the long-term issue rating on the company's senior unsecured notes to '###+' from '###'. - The positive outlook reflects our expectation that JD.com's revenue will continue to grow at a healthy pace of above 18% per year and the company will maintain a net cash position in the next 24 months....

Research Update