Moody's rates Weibo notes Baa1

Moody's Investors Service said it assigned a first-time Baa1 issuer rating to Weibo Corp., along with a Baa1 senior unsecured rating to its proposed dollar-denominated notes.

The outlook is stable.

The proceeds from the bonds will be used for general corporate purposes, Moody's said.

The ratings reflect Weibo's strong market position as the leading social media platform in China, the agency said, and its ability to attract content providers, users and advertisers, allowing it to capture an increasing share of the online advertising market, the agency said.

The ratings also consider Weibo's strong financial profile with above-industry average profit margins and steadily growing free cash flow, Moody's said.

The company has steady revenue and revenue growth expected by an increasing number of advertisers, the agency said.

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