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Rating Action:

Moody's assigns Baa3 to Nan Fung's USD MTN drawdown

28 Aug 2018

Hong Kong, August 28, 2018 -- Moody's Investors Service has assigned a Baa3 rating to the 10-year USD senior unsecured notes to be issued by Nan Fung Treasury Limited under its USD3 billion medium-term note program, rated (P)Baa3. The notes will be guaranteed by Nan Fung International Holdings Limited (Baa3 stable).

The rating outlook is stable.

RATINGS RATIONALE

"We expect the proposed notes to only modestly increase Nan Fung's financial leverage, as the bulk of the proceeds will be deployed for debt refinancing. The new issue will also extend Nan Fung's debt maturity profile and further strengthen its liquidity," says Stephanie Lau, a Moody's Vice President and Senior Analyst.

Moody's expects Nan Fung's adjusted debt/capitalization to remain largely stable at around 27%-28% over the next 12-18 months, supported by stronger cash flow from its latest residential presales pipeline, as well as disposal proceeds of around HKD7.5 billion from the Octa Tower sale.

Specifically, Moody's projects the company will benefit from a strong residential sales pipeline in Hong Kong over the fiscal years 2019-2021, including contributions from mass residential projects at lots 6 and 10 in Lohas Park, Tseung Kwan O. Such sales proceeds will support the company's operational performance before its Kai Tak new project records rental income in fiscal 2022.

In addition, Moody's expects Nan Fung will maintain its adjusted recurring income to interest coverage ratio at above 1.5x over the next 12-18 months. These ratios are in line with its current rating.

The Baa3 ratings continue to reflect Nan Fung's strengths, namely its: (1) long track record in Hong Kong's property market, product diversity and stable recurring income stream, partly supported by a growing rental portfolio; and (2) strong balance sheet liquidity, supported by its cash holdings, sizable investment portfolio, and ability to shield itself from down-cycles.

However, Nan Fung's rating is constrained by the lumpiness of its property sales due to the relatively small scale of its operations and land bank.

The stable outlook reflects Moody's expectations that Nan Fung will maintain a prudent business growth strategy, stable operations anchored by its recurring income stream, low leverage, and adequate liquidity.

Upgrade pressure could emerge if Nan Fung (1) increases its business scale; (2) generates larger amounts of recurring revenue from its investment property portfolio; and/or (3) shows sufficient coverage of its net debt position through its financial portfolio on a sustained basis.

Credit metrics Moody's would consider for an upgrade include: adjusted debt/capitalization staying below 20%-25%; and recurring income coverage exceeding 2.0x -2.5x on a sustained basis.

Downward rating pressure could emerge if Nan Fung (1) shows aggressive expansion that results in an escalation in debt leverage; and/or (2) sees a material decline in its cash position and/or its financial portfolio.

Credit metrics that Moody's would consider for a downgrade include debt leverage -- as measured by adjusted debt/total capitalization -- rising above 30%-35%; and recurring income coverage of interest falling below 1.25x.

The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Nan Fung International Holdings Limited is an established property developer based in Hong Kong, with property projects in Hong Kong and China. In addition to its own developments, it also has joint ventures with major developers in Hong Kong. The company has a sizable financial investment portfolio, providing the group with a good liquidity buffer.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

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Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

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The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Stephanie Lau
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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