Moody's: Nan Fung bonds Baa3

Moody's Investors Service said it assigned a Baa3 rating to the U.S. dollar bonds to be issued by Nan Fung Treasury (1) Ltd. and guaranteed by Nan Fung International Holdings Ltd.

Moody's also affirmed Nan Fung International's Baa3 issuer rating.

The outlook is stable.

"With the additional bond issuance, Nan Fung's adjusted debt/total capitalization will trend towards 30%. Even though this is close to the downgrade trigger of 30%-35%, we expect Nan Fung to exercise prudence in managing its overall debt leverage," Moody's vice president Jonathan Lee said in a news release.

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