...May 25, 2020 HONG KONG (S&P Global Ratings) May 25, 2020--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 note program. The issue rating is subject to our review of the final issuance documentation. Tencent, a China-based provider of internet-related services and products, 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 low debt leverage and very strong cash flow generation capabilities. We expect Tencent's adjusted debt-to-EBITDA ratio to remain at 0.5x-0.7x over the next 24 months despite the COVID-19 pandemic and the proposed notes issuance. Our base case assumes Tencent will maintain a high level of investment spending (including acquisitions of associates and intangibles) of about Chinese renminbi...
