We believe Tencent Holdings Ltd.'s management has a good track record of developing online platforms. We have therefore revised our assessment of the China-based company's management and governance to strong from satisfactory. Tencent is likely to maintain its leadership across a number of its online and mobile services, despite increasing competition. This is given its deep domain knowledge and synergies across its many online services. On May 6, 2020, S&P Global Ratings affirmed its 'A+' long-term issuer credit rating on Tencent. We also affirmed the issue ratings on senior unsecured notes issued or guaranteed by the company. The stable outlook reflects our expectation that Tencent will generate strong revenue and cash flows to enable further investments in cloud computing infrastructure,
