Moody's lifts Beijing Infrastructure to stable

Moody's Investors Service said it affirmed the A1 issuer rating of Beijing Infrastructure Investment Co., Ltd.

Moody's also said it affirmed the A2 backed senior unsecured rating on the dollar-denominated bond issued by the company's wholly owned subsidy, Eastern Creation Investment Holdings Ltd.

The agency also said it affirmed the provisional A2 backed senior unsecured medium-term notes program rating and A2 backed senior unsecured ratings of the drawdowns under Eastern Creation II Investment Holdings Ltd.

The agency also said it changed the outlook to stable from negative.

The ratings reflect an expectation that Beijing Infrastructure will continue to receive a very high level of support from the Beijing municipal government due to its significant public policy role, Moody's said.

On May 24, Moody's downgraded China's sovereign rating to A1 from Aa3 and changed the outlook to stable from negative.

Notwithstanding the sovereign rating downgrade, the company will continue to play a critical role in executing Beijing's public transport policies, the agency said.

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