Tencent Holdings Ltd.'s Proposed U.S. Dollar Senior Unsecured Notes Assigned 'A+' Rating

HONG KONG (S&P Global Ratings) April 1, 2019--S&P Global Ratings today assigned its 'A+' long-term issue rating to the senior unsecured notes proposed by Tencent Holdings Ltd. (A+/Stable/--). The notes will be a drawdown under the company's US$20 billion global medium-term notes program. The issue rating is subject to our review of the final issuance documentation. Tencent will use the proceeds for general corporate purposes. The rating on the proposed notes is the same as the issuer 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's adjusted debt-to-EBITDA ratio to remain below 1.5x over the next 24 months despite rising investment spending, and the

...HONG KONG (S&P Global Ratings) April 1, 2019--S&P Global Ratings today assigned its 'A+' long-term issue rating to the senior unsecured notes proposed by Tencent Holdings Ltd. (A+/Stable/--). The notes will be a drawdown under the company's US$20 billion global medium-term notes program. The issue rating is subject to our review of the final issuance documentation. Tencent will use the proceeds for general corporate purposes. The rating on the proposed notes is the same as the issuer 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's adjusted debt-to-EBITDA ratio to remain below 1.5x over the next 24 months despite rising investment spending, and the effects of regulatory and macroeconomic headwinds that occurred in 2018. The proposed notes issuance won't meaningfully change our debt leverage forecasts. The company's debt leverage was about 0.5x in 2018. Though...

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