Fitch: Nan Fung Treasury notes BBB

Fitch Ratings said it assigned Nan Fung Treasury Ltd.’s proposed dollar-denominated senior notes a BBB(EXP) expected rating.

Nan Fung Treasury is a wholly owned subsidiary of Nan Fung International Holdings Ltd. (Nan Fung; BBB/stable). The notes are rated at the same level as Nan Fung's senior unsecured rating because they are guaranteed by the company.

Fitch said Nan Fung's ratings are supported by its stable rental income and recurring income from its investment property portfolio, which provide sufficient recurring income coverage for the current rating.

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

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