...HONG KONG (S&P Global Ratings) Jan. 10, 2018-- S&P Global Ratings today assigned its 'A+' issue level rating to a proposed issuance of senior unsecured notes by Tencent Holdings Ltd. (A+/Stable/--). The proposed notes will be a drawdown under the company's US$10 billion global medium-term notes (MTN) program. The ratings are subject to our review of the final issuance documentation. Tencent will use the proceeds for general corporate purposes. The rating on the proposed senior unsecured notes is the same as the corporate credit rating on Tencent, reflecting the company's very strong cash flow generation capabilities and the minimum priority borrowings in its capital structure. We expect Tencent to generate strong operating cash flow and maintain strong key credit measures. The company's adjusted debt leverage was 0.3x in 2016. We estimate that the debt leverage will be 0x-0.3x at the end of 2017, depending on the company's acquisition activity and the amount of cash on the balance sheet...
