S&P rates Nan Fund notes BBB-

Standard & Poor's said it assigned its BBB- issue rating and cnA- Greater China credit scale rating to the proposed $1 billion medium-term notes program that Nan Fung International Holdings Ltd. unconditionally and irrevocably guarantees.

Nan Fung Treasury Ltd., a wholly owned subsidiary of Nan Fung, will issue the notes under the program.

The agency said the ratings on Nan Fung reflect the company's portfolio of large, diversified and fairly liquid securities and good-quality investment properties. S&P expects the securities to generate stable returns and cash flows, based on the company's record over the past five years.

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