Fitch gives A+ to Alibaba notes

Fitch Ratings said it assigned Alibaba Group Holding Ltd.’s (A+/stable) proposed dollar-denominated senior unsecured notes an expected rating of A+(EXP).

The notes are rated in line with Alibaba's senior unsecured rating of A+ as they will rank pari passu with the issuer's existing and future senior unsecured debt.

Proceeds will be used for general corporate purposes, including working capital needs, repayment of offshore debt and potential acquisitions of, or investments in, complementary businesses.

“Alibaba's ratings benefit from its dominant position in China's online shopping market,” Fitch said in a news release.

“We estimate that the gross merchandise volume (GMV) transacted on Alibaba's China retail marketplaces accounted for over 70% of China's total online shopping GMV in 2Q17, based on iResearch data.”

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