Moody's gives Nan Fung notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the 10-year dollar-denominated senior unsecured notes to be issued by Nan Fung Treasury Ltd. under its $2 billion medium-term note program, rated provisional Baa3.

The notes will be guaranteed by Nan Fung International Holdings Ltd. (NFIH).

The outlook is stable.

"The new issue will provide NFIH with funding for its business activities, extend its debt maturity profile and further strengthen its already solid liquidity," Moody's assistant vice president and analyst Franco Leung said in a news release.

The Baa3 ratings continue to reflect NFIH's strengths, namely its: (a) established track record in Hong Kong's property market and the diversity of its products; (b) strong balance sheet liquidity, which is supported by its cash holdings and its investment portfolio; (c) ability to shield itself from down cycles; and (d) low level of debt leverage compared with its Asian peers rated at investment grade, Moody's said.

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