Moody’s changes Beijing Capital Land to stable

Moody's Investors Service said it revised the outlook on Beijing Capital Land Ltd.’s (BJCL) Ba3 corporate family rating to stable from negative.

At the same time, the agency revised the outlook on the following ratings of Beijing Capital Land’s subsidiaries to stable from negative:

• The B1 corporate family rating of International Financial Center Property Ltd.;

• The B1 backed senior unsecured debt rating on the bonds issued by Central Plaza Development Ltd.; and

• The provisional B1 backed senior unsecured rating on the medium-term note program of Central Plaza.

The agency affirmed all ratings.

Both the bonds and medium-term note program of Central Plaza are guaranteed by International Financial.

"The change in BJCL's ratings outlook to stable from negative reflects our expectation that the company's credit metrics will improve on a sustained basis, supported by improved gross profit margins, expected revenue growth as well as prudent debt management over the next 12-18 months," Kaven Tsang, Moody's vice president, senior credit officer and international lead analyst for Beijing Capital Land, said in a news release.

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