Moody’s rates Union Medical CFR, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating to Union Medical Healthcare Ltd. (UMH) and a B1 rating to its proposed senior unsecured notes.

The outlook is stable.

Proceeds will be used mainly for working capital and general corporate purposes.

"The B1 ratings reflect UMH's competitive position in Hong Kong, the good growth prospects in the medical, aesthetic, beauty and healthcare services market, its strong profitability and good financial flexibility and liquidity," Moody's vice president and senior analyst Stephanie Lau said in a news release.

"At the same time, the ratings are constrained by UMH's small scale in a highly fragmented market, its geographic concentration, short track record as a publicly listed company, exposure to the economic cycles and risks related to its ambitious business expansion strategy."

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