A changing Chinese regulatory environment could increase uncertainty for China-based Tencent Holdings Ltd. to implement its long-term strategic initiatives. We, therefore, revised Tencent's management and governance (M&G) score to satisfactory from strong. The company continues to benefit from an effective management team and strong market position across its various business segments. On Oct. 5, 2021, S&P Global Ratings affirmed its 'A+' long-term issuer credit rating and long-term issue ratings on Tencent. The stable outlook reflects our expectation that Tencent will maintain strong revenue growth and cash flow over the next 24 months. Chinese technology and internet companies, especially companies with large platforms, are facing increased regulatory scrutiny. There will likely be more regulatory changes since the government seeks to promote
