S&P: Nan Fung notes BBB-

Standard & Poor's said it assigned its BBB- issue rating and cnA- Greater China regional scale rating to Nan Fung Treasury Ltd.'s proposed senior unsecured notes.

The notes will be drawn down from a $1 billion global medium-term notes program that Nan Fung International Holdings Ltd. The issuer is a subsidiary of Nan Fund International.

The agency said the ratings on the parent company reflect the company's portfolio of large, diversified and fairly liquid securities and good-quality investment properties.

S&P said it expects the securities to generate stable returns and cash flows, based on their record over the past five years.

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