S&P rates Fosun International notes BB

S&P said it assigned its BB long-term issue rating to the proposed U.S. dollar-denominated senior notes that Fosun International Ltd. will unconditionally and irrevocably guarantee. Fortune Star (BVI) Ltd., a special purpose entity, will issue the notes.

The outlook is negative.

The rating on the notes is the same as the issuer credit rating on Fosun (BB/negative/--) because of credit substitution under the guarantee, S&P said.

Fosun will use the proceeds from the proposed notes for refinancing, working capital, and other general corporate purposes, S&P noted.

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