S&P gives BBB to Weibo notes

S&P said it assigned a BBB rating to Weibo Corp.’s planned sale of dollar-denominated senior unsecured convertible notes.

“We equalize the issue rating with the issuer credit rating on Weibo (BBB/stable/--). This reflects the low subordination risks of the notes, given no priority debts and the company's net cash position,” the agency said in a statement.

Weibo plans to use the proceeds for general corporate purposes, including refinancing the senior unsecured notes due in 2024.

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