Fitch Ratings has placed an A rating on Baidu's (HKG:9888) proposed offshore yuan senior unsecured notes, according to a Tuesday release.
The notes' rating aligns with the internet company's A senior unsecured rating.
The ratings reflect Baidu's solid business profile, supported by its leading position in the search engine market and artificial intelligence (AI) technologies, the rating agency said.
Despite short-term advertising challenges due to China's macroeconomic conditions, Fitch said Baidu's robust AI cloud growth should ease revenue pressures.
The company's cost-efficiency efforts and prudent capital structure, driven by a robust net cash position, further support its credit profile, according to Fitch.
However, Baidu's variable interest entity structure serves as a credit weakness, the rating agency said.
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