S&P rates Nan Fung notes BBB-

S&P said it assigned its BBB- long-term issue rating to the proposed senior unsecured notes that Nan Fung Treasury Ltd. plans to draw down from its medium-term note program.

Nan Fung International Holdings Ltd. (Nan Fung; BBB-/stable/--) unconditionally and irrevocably guarantees the notes.

Nan Fung and its subsidiaries plan to use the net proceeds for refinancing and general working capital purposes.

“The stable outlook on Nan Fung reflects our expectation that its financial leverage will gradually improve despite the significant capital investment for a project in Kai Tak, Hong Kong. We expect the company to control its risk appetite and pace of expansion to maintain its credit profile,” S&P said in a news release.

“At the same time, we expect Nan Fung to maintain a large investment portfolio, providing it with additional financial flexibility.”

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