November 13, 2014 / 3:38 PM / 3 years ago

Alibaba gets 'A-plus' debt rating from agencies

(Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd received its first debt ratings from international credit agencies on Thursday after the company announced plans for an issue of senior unsecured notes to raise an unspecified amount.

The logo of Alibaba Group is seen inside the company's headquarters in Hangzhou, Zhejiang province early November 11, 2014. REUTERS/Aly Song

Standard & Poor’s and Fitch Ratings rated the notes at investment grade “A-plus”, while Moody’s Investor Service assigned an equivalent “A1” rating.

Alibaba said it would use the net proceeds from the U.S. bond offering primarily to refinance debt.

Reporting by Supantha Mukherjee in Bangalore; Editing by Ted Kerr

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