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Fitch Upgrades MEITUAN-W (03690.HK) Credit Rating to 'BBB' w/ Positive Outlook
Rating agency Fitch upgraded MEITUAN-W (03690.HK)'s long-term issuer default rating from "BBB-" to "BBB" and maintained a positive outlook. In addition, Fit...
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Fitch Upgrades MEITUAN-W (03690.HK) Credit Rating to 'BBB' w/ Positive Outlook
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Rating agency Fitch upgraded MEITUAN-W (03690.HK)  +5.200 (+4.044%)    Short selling $1.01B; Ratio 14.267%   's long-term issuer default rating from "BBB-" to "BBB" and maintained a positive outlook. In addition, Fitch upgraded MEITUAN-W's senior unsecured rating, US$750 million notes due 2025, and US$1.25 billion notes due 2030 from "BBB-" to "BBB".

The upgrade reflects that MEITUAN-W's successful strategy execution and eased in-store competition has significantly improved the company's profitability and generated strong free cash flow, Fitch noted.

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With its platform's scalability, the increased penetration of its core local commerce business, and the strategic shift from subsidy-driven to return-driven investments, Fitch expects MEITUAN-W to achieve robust EBITDA growth and free cash flow generation in the medium to short term.

A positive outlook suggests that if MEITUAN-W's performance meets Fitch's expectations, there is potential for an upgrade to "BBB+" within the next six to twelve months.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-09-19 16:25.)

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