HONG KONG (Standard&Poor's) April 10, 2014--Standard&Poor's Ratings Services today assigned its 'A-' long-term issue rating and 'cnAA' long-term Greater China regional scale rating to the US$5.0 billion global medium-term notes (MTN) program of Tencent Holdings Ltd. (A-/Stable/--; cnAA/--). The ratings are subject to our review of the final issuance documentation. Tencent expects to use the proceeds from each issue of the notes for general corporate purposes. The rating on the MTN program is not notched down from the corporate credit rating on Tencent because we expect the company to maintain its priority debt at less than 20% of total assets, the threshold for investment-grade companies, over the next 12 months. The rating on the China-based Internet
