S&P rates Nan Fung Treasury notes BBB-

S&P said it assigned its BBB- long-term issue rating to the proposed senior unsecured notes that Nan Fung Treasury Ltd. (Nan Fung Treasury) plans to draw down from its global medium-term note program.

Nan Fung International Holdings Ltd. (Nan Fung; BBB-/stable/--) unconditionally and irrevocably guarantees the notes.

Nan Fung Treasury will on-lend the net proceeds from the issue to Nan Fung and its subsidiaries for general working capital purposes. The notes will constitute a senior unsecured liability for Nan Fung.

S&P said the rating on Nan Fung reflects the company's highly liquid balance sheet, consistently growing recurring income, and its large securities investment portfolio. The strengths are tempered by the company's modest development and leasing scale, and the volatility of its property development business.

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