Moody’s changes Nan Fung view

Moody's Investors Service said it revised the outlook on the Baa3 issuer rating of Nan Fung International Holdings Ltd., the Baa3 perpetual capital security rating of Nan Fung Treasury (II) Ltd. and the Baa3 senior unsecured and provisional Baa3 rating of Nan Fung Treasury's medium-term note program to stable from negative.

At the same time, the agency affirmed all the ratings.

"The revised outlook reflects Moody's expectation that Nan Fung's financial position will improve over the next 12-18 months because of the stronger cash inflow projected from its latest residential presales pipeline," Stephanie Lau, Moody's vice president and senior analyst, said in a news release.

"The stable outlook also reflects Moody's view that the company's Kai Tak office project is not exposed to a high level of business risk, because it will be supported by strong demand, given its strategic location.”

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