Moody's assigns Weibo convertibles Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to Weibo Corp.'s planned convertible bonds.

The agency affirmed Weibo’s Baa2 ratings on Nov. 20.

Weibo plans to use the proceeds for general corporate purposes, including working capital needs and a potential refinancing of a portion of its 2024 notes.

“"Weibo's proposed convertible bonds will help lengthen its debt maturity profile and add to the company's already solid cash position," said Lina Choi, a Moody's senior vice president, in a press release.

The outlook on Weibo is stable.

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