Fitch: Nan Fung notes BBB

Fitch Ratings said it assigned a final rating of BBB to Nan Fung International Holdings Ltd.'s $200 million 4 7/8% senior unsecured notes due in 2024.

The notes, which are issued by wholly owned subsidiary Nan Fung Treasury Ltd., are unconditionally and irrevocably guaranteed by Nan Fung.

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, Fitch said.

The assignment of the final rating follows the receipt of documents conforming to information already received and is in line with the expected rating assigned May 22, the agency said.

The ratings reflect the company's 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 prudence is reflected in its highly liquid financial profile, low financial leverage and investment property portfolio that has been funded mainly via internally generated funds, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.