S&P gives Fosun notes BB

S&P said it assigned a BB long-term issue rating to the proposed issue of dollar-denominated senior notes that will be unconditionally and irrevocably guaranteed by Fosun International Ltd. (BB/stable/--) and issued by Fortune Star (BVI) Ltd.

Proceeds will be used for refinancing and other general corporate purposes.

The agency said the rating on the notes is the same as the corporate credit rating on Fosun because of credit substitution under the guarantee.

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