Strong operating performance, improving service diversity, and a conservative financial policy have strengthened Tencent's competitive position as well as its financial profile, in our opinion. We are raising our long-term corporate credit rating on the China-based Internet services provider to 'A-' from 'BBB+'. We are also raising the issue rating on Tencent's outstanding notes to 'A-' from 'BBB+', and our Greater China regional scale ratings on the company and the notes to 'cnAA' from 'cnA+'. The stable outlook reflects our expectation that Tencent will continue to generate strong operating cash flow and maintain its "modest" financial risk profile over the next 24 months. On June 24, 2013, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Tencent
