Fitch: Nan Fung notes BBB

Fitch Ratings said it assigned an expected rating of BBB to Nan Fung International Holdings Ltd.'s proposed dollar-denominated notes.

The proposed notes will be issued by Nan Fung Treasury Ltd., a wholly owned subsidiary of Nan Fung.

The notes are unconditionally and irrevocably guaranteed by Nan Fung, Fitch said.

The bonds are rated at the same level as Nan Fung's issuer default rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, the agency said.

The company has an established market position with 49 years of experience in developing residential and commercial properties in Hong Kong, Fitch said.

The company has demonstrated the ability to come through economic cycles, aided by its strong capital structure that allows operational flexibility in terms of the timing of investments, the agency said.

Nan Fung's small investment property portfolio constrains the rating, Fitch said.

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