S&P: Nan Fung view to positive

S&P said it revised the outlook on Nan Fung International Holdings Ltd. to positive from stable.

The agency also said it affirmed the company’s BBB- long-term corporate credit rating and cnA- long-term Greater China regional scale rating.

S&P also affirmed its BBB- long-term issue rating and cnA- long-term Greater China regional scale rating on the senior unsecured notes that the company guarantees.

The outlook revision reflects a view that Nan Fung's earnings quality is improving, supported by growing rental income that is of a stable and recurring nature, the agency said.

The company's rental income also is expected to gradually increase and exceed its interest expenses in the coming 18 to 24 months, S&P said.

Nan Fung’s large securities investment portfolio also continues to temper the volatility of its property development business and provide the company with significant financial flexibility to meet its financial obligations, the agency said.

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