Fitch: Nan Fung bonds BBB(exp)

Fitch Ratings said it assigned an expected BBB(exp) rating to the dollar-denominated notes to be issued by Nan Fung Treasury (I) Ltd. and guaranteed by Nan Fung International Holdings Ltd. (BBB/stable). The notes are expected to be fully fungible with the $350 million 5.25% guaranteed notes due 2017 issued on Jan. 20.

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

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

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