Fosun International's Debt Issuance Positive for Credit Profile, S&P Says

MT Newswires Live2024-11-22

Fosun International's (HKG:0656) $300 million US dollar note issuance supports the conglomerate's refinancing options and modestly raises its capital structure and liquidity, boding positively for its credit profile, S&P Global Ratings said.

The Chinese investment holding company's return to the bond market adds to efforts such as an earlier $888 million syndicated loan, which aids in the recovery of its refinancing channels for offshore banking, S&P said in a Thursday release.

S&P said the recent transactions extend the company's debt maturities, with restored access to the offshore long-term bond market mainly supporting its capital structure.

However, the rating agency believes the company should issue more longer-tenor debt as the new issuance only accounts for 2.4% of its holding company debt as of mid-2024.

S&P expects the company to continue with asset portfolio recycling in the next 12 to 24 months and to remain on track with its target debt reduction.

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