S&P rates Meituan, notes BBB-

S&P said it gave BBB- ratings to Meituan and its planned senior unsecured notes.

“The rating on Meituan reflects our view that the company will remain a dominant player in China’s online services, including food delivery, in-store, hotel, and travel. Meituan has increased its monetization and user engagement by effectively funneling internet traffic from its food delivery services to other services on its app,” S&P said in a press release.

The outlook is stable. “The stable outlook reflects our expectation that Meituan will expand its EBITDA and its ability to generate strong positive free operating cash flow over the next 12-18 months,” the agency said.

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