Fitch pares Beijing Capital City

Fitch Ratings said it lowered Beijing Capital City Development Group Co., Ltd.'s (BCCD) long-term foreign-currency issuer default rating to BBB- from BBB.

The agency also downgraded the long-term foreign-currency IDR of BCCD's main overseas investment platform, International Financial Center Property Ltd. to BB+ from BBB- as well as the rating on Central Plaza Development Ltd.’s $3 billion medium-term note program to BBB- from BBB, which is linked to BCCD's credit profile as its financing special purpose vehicle.

The downgrades follow a similar action on its parent Beijing Capital Development Holding (Group) Co., Ltd., the agency said.

The outlook is stable.

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