Fitch gives BBB to Beijing Capital notes

Fitch Ratings said it assigned an expected rating of BBB(EXP) to the proposed dollar-denominated senior unsecured notes to be issued by Central Plaza Development Ltd.

The notes are unconditionally and irrevocably guaranteed by International Financial Center Property Ltd., a wholly owned subsidiary of Beijing Capital Land Ltd. (BB+/stable), which is a 54.5% directly owned listed subsidiary of Beijing Capital Group Co. Ltd. (BCG; BBB/negative).

“The notes are rated at the same level as BCG's senior unsecured rating as BCG has granted a keepwell and liquidity support deed and a deed of equity interest purchase undertaking to ensure that the issuer and guarantor have sufficient assets and liquidity to meet their respective obligations for the senior notes,” Fitch said in a news release.

Proceeds will be mainly used to refinance Beijing Capital Land’s existing debt and for working capital.

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