Fitch rates Nan Fung BBB

Fitch Ratings said it assigned a BBB long-term foreign-currency issuer default rating with a stable outlook and a BBB foreign-currency senior debt rating to Nan Fung International Holdings Ltd.

The agency said Nan Fung's ratings reflect its established brand name and solid track record in Hong Kong property development as well as its strong liquidity and financial profile.

The rating is moderated by the inherent cyclicality of property development activities and by the company's relatively small investment property portfolio compared to its higher-rated property peers, Fitch said.

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