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S&P gives Nan Fung notes BBB-
S&P said it assigned its BBB- long-term issue rating to the proposed senior unsecured notes Nan Fung Treasury Ltd. plans to draw down from its global medium-term notes program. Nan Fung International Holdings Ltd. will guarantee the notes.
“We equalize the rating on the proposed notes with the issuer credit rating on Nan Fung, given that we foresee no significant subordination risk in the capital structure,” S&P said in a press release.
Nan Fung and its subsidiaries plan to use the proceeds for refinancing and general working capital purposes.
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