Meituan's (HKG:3690) proposed US dollar senior unsecured notes have received a BBB+ long-term issue rating from S&P Global Ratings and a BBB rating from Fitch Ratings.
The rating agencies equate the proposed notes' ratings to their respective ratings on the shopping platform, according to separate releases.
S&P said this is due to the notes' low subordination risk amid the company's large net cash position.
Meanwhile, Fitch said the recent upgrade of Meituan's rating considers its enhanced profitability and solid free cash flow generation as it effectively carried out new strategies and as it faced less in-store competition.
The company will channel the notes' proceeds for refinancing current offshore debt and other general corporate purposes.
Shares of the company fell more than 2% in recent trade.
Price (HKD): $132.80, Change: $-3.1, Percent Change: -2.28%
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