S&P rates Nan Fung notes BBB-

Standard & Poor's said it assigned a BBB- long-term issue rating and cnA- long-term Greater China regional scale rating to a proposed issue of dollar-denominated fixed-rate senior unsecured notes by Nan Fung Treasury Ltd.

Nan Fung International Holdings Ltd. unconditionally and irrevocably guarantees the notes.

Nan Fung Treasury will on-lend the net proceeds from the issue to Nan Fung and its subsidiaries for general working capital purposes. The notes will constitute a senior unsecured liability for Nan Fung.

The ratings reflect the company's highly liquid balance sheet, good recurring income from a growing rental base and stable securities investment income, S&P said.

These factors offset the company's modest development and leasing scale, the agency said, and the average asset quality of its property investment portfolio.

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