Moody’s rates Nan Fung notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the dollar-denominated 10-year senior unsecured notes to be issued by Nan Fung Treasury Ltd. under its $3 billion medium-term note program, which is rated provisional Baa3.

The notes will be guaranteed by Nan Fung International Holdings Ltd. (Baa3 stable).

The outlook is stable.

"We expect the proposed notes to only modestly increase Nan Fung's financial leverage, as the bulk of the proceeds will be deployed for debt refinancing. The new issue will also extend Nan Fung's debt maturity profile and further strengthen its liquidity," Stephanie Lau, Moody's vice president and senior analyst, said in a news release.

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