Moody’s rates Vipshop Baa1

Moody's Investors Service said it assigned a Baa1 issuer rating to Vipshop Holdings Ltd.

The outlook is stable.

The Baa1 rating reflects Vipshop's fast growing operations and dominant position in China's underserved discount retail market, Moody’s said.

The company’s consignment business model with last mile delivery capabilities results in minimal inventory risks and a high degree of customer stickiness, the agency said.

The ratings also consider Vipshop's strong financial profile with profit margins that consistently exceed industry peers, Moody’s said.

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