China-based Internet services provider Tencent has a strong user base in instant messaging and social networking services, favorable growth prospects, and sound financial standing. We are assigning our 'BBB+' long-term corporate credit rating and 'cnA+' Greater China credit scale rating to the company. We are also assigning our 'BBB+' rating to the company's proposed senior unsecured offshore notes with a 'cnA+' Greater China credit scale rating. The stable outlook reflects our expectation that Tencent will maintain its steady performance and its current conservative financial policy. On Nov. 14, 2011, Standard&Poor's Ratings Services assigned its 'BBB+' long-term corporate credit rating and 'cnA+' Greater China credit scale rating to China-based Internet services provider Tencent Holdings Ltd. The outlook is stable.
