Moody’s gives Fosun notes Ba2

Moody's Investors Service said it assigned a Ba2 senior unsecured rating to the dollar-denominated notes to be issued by Fortune Star (BVI) Ltd. and guaranteed by Fosun International Ltd.

The outlook is stable.

The purpose of the proposed bonds is to refinance Fosun's existing debt and for working capital and general corporate purposes.

"The bond issuance will not materially increase Fosun's leverage levels, because the company will primarily use the proceeds to refinance its existing debt at the holding company level," Lina Choi, Moody's vice president and senior credit officer, said in a news release.

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