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Fitch Ratings Affirms Li & Fung's Long-term Credit Rating Following New Advent Acquisition

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Fitch Ratings on Wednesday affirmed Li & Fung's long-term credit rating at "BB" after the Hong Kong-based logistics and supply chain company announced an agreement to acquire 55% of New Advent Global for about $250 million.

The ratings agency also affirmed L&F's senior unsecured rating at "BB."

Fitch said the rating was supported by the company's "unique position as a leading global sourcing and trading platform."

The outlook on the rating was stable, reflecting the agency's expectation the acquisition will bolster L&F's business profile.

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