Moody's: Nan Fung notes Baa3

Moody's Investors Service said it assigned a Baa3 rating to the $300 million senior unsecured notes due 2022 issued by Nan Fung Treasury Ltd., and based on an unconditional and irrevocable guarantee by Nan Fung International Holdings Ltd.

The outlook is stable.

"Nan Fung's Baa3 rating reflects its long-established track record in the Hong Kong property market as well as its product diversity. It also takes into consideration Nan Fung International'a strong balance sheet liquidity, which is supported by its cash holdings and investment portfolio, as well as its resilience in down-cycles," Moody's vice president and senior analyst Kaven Tsang said in a news release.

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