S&P upgrades JD.com

S&P said it upgraded JD.com Inc. and its senior unsecured notes to BBB+ from BBB.

We upgraded JD.com because the company has strengthened its competitive position as the largest online retailer in China, helped by the accelerated growth in e-commerce due to the Covid-19 pandemic. The pandemic introduced a new wave of online users from lower-tier cities, with China's total number of internet users reaching 989 million in 2020. This is sizable compared with the U.S. population of 328 million,” S&P said in a press release.

The agency noted JD.com’s active customer base reached 472 million as of the end-2020, with close to 80% of the 110 million new active users in 2020 coming from lower-tier cities.

The outlook is positive.

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