Fitch gives Nan Fung notes BBB

Fitch Ratings said it assigned Nan Fung International Holdings Ltd.'s proposed dollar-denominated senior notes to be issued by wholly owned subsidiary Nan Fung Treasury Ltd. an expected rating of BBB.

The proposed notes are rated at the same level as Nan Fung's senior unsecured rating because they are guaranteed by the company, the agency said.

“The ratings on Nan Fung are supported by the stable rental income and recurring income from its investment property portfolio, which is sufficient for the current rating,” Fitch said in a news release.

The agency said it expects Nan Fung's financial position to remain solid and its liquidity robust after factoring in the company's medium-term development expenditure and capex.

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