S&P Global Ratings has placed an A+ long-term issue rating on Tencent Holdings' (HKG:0700) proposed renminbi notes under its $30 billion multi-currency unsubordinated unsecured medium-term note program, according to a Monday release.

The rating is similar to the company's issuer credit rating, driven by limited subordination risk due to low debt leverage, S&P said.

The rating agency views the company as a key China-based internet services provider with leadership in the global video game industry and a diversified portfolio of solid cash-generating segments.

Strategic efforts such as the rise of traffic and the load of advertisements for video accounts and other moves within the WeChat and Weixin apps have led to healthy revenue expansion despite a weaker advertising market and heightened competition, S&P said.

The rating agency expects the company's EBITDA to exceed 300 billion yuan in 2025, notably higher than last year's 263 billion yuan but somewhat offset by AI infrastructure-driven capital expenditure.