Tencent has strong cash flows, solid operating and financial performance and, in our view, is positioned for further market gains in its social communications and mobile-payments businesses. We are raising our long-term corporate credit rating on Tencent to 'A+' from 'A'. We are also raising our issue-level rating on the Chinese internet company's senior unsecured debt to 'A+' from 'A'. The outlook is stable, reflecting our expectation that Tencent's strong growth will continue for the next several years and that its adjusted debt leverage is unlikely to exceed 1.5x. On April 27, 2017, S&P Global Ratings raised its corporate rating on Tencent Holdings Ltd. to 'A+' from 'A'. The rating outlook is stable. Our long-term Greater China regional scale rating
