Moody's rates Tencent notes A3

Moody's Investors Service said it assigned an A3 rating to Tencent Holdings Ltd.'s proposed medium-term notes drawn under its $5 billion global medium-term note program. The outlook is stable.

Proceeds will be used for general corporate purposes.

The agency said the proposed notes will further enhance Tencent's already strong liquidity position, enabling the company to sustain a steady growth trajectory in revenue and cash flow.

Supported by its steadily growing operating cash flow, Tencent's adjusted debt-to-EBITDA ratio of 1.3 times for the 12-month period ended in September and net cash position of $3.5 billion are strong when compared with most A3-rated peers, Moody’s said.

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