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Alibaba, Tencent Downgraded to A by Fitch
April 10, 2025
Fitch downgraded Alibaba and Tencent to A from A+. This follows the downgrade of the Chinese sovereign to A from A+ earlier this month, with the rating agency noting that the companies’ credit quality should not exceed that of the sovereign. This reflects the companies’ primarily domestic businesses and the significant government regulation, oversight, and intervention in their sectors. Furthermore, China’s Country Ceiling is set at A, matching the sovereign issuer default rating, which contributed to the downgrade of both companies’ foreign-currency ratings.
Both Alibaba’s and Tencent’s dollar bonds were trading mixed. Alibaba’s 2.7% 2041s were at 65.7, yielding 6.11%. Tencent’s 3.925% 2038s at 84.5, yielding 5.7%.
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