Alibaba gets 'A-plus' debt rating from agencies

Night view of a signboard of Alibaba at the headquarters of Alibaba Group in Hangzhou city, East China's Zhejiang province, Nov 11, 2014.[Photo/IC]

Chinese e-commerce giant Alibaba Group has received its first debt ratings from international credit agencies.

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

The ratings have been issued as part of Alibaba's plan to issue unsecured notes to raise some $8 billion.

The company said it will use the new funding to refinance its current debt, which reportedly stands at around $11 billion.

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