S&P Global Ratings has placed a BB- long-term issue rating to Fosun International's (HKG:0656) proposed US dollar senior unsecured notes, according to a Tuesday release.
Fosun International will be the notes' guarantor while special-purpose entity Fortune Star will be the issuer.
The notes' rating aligns with Fosun's issuer credit rating given credit substitution under the guarantee.
Fosun's stable outlook considers its improving refinancing capacities, with the financial conglomerate expected to further recycle assets in the next 12 to 18 months to lessen debt at the holding company level, S&P said.
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