Fitch gives Beijing Capital notes BBB

Fitch Ratings said it assigned a rating of BBB to proposed dollar-denominated senior notes to be sold 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., which is a 54.5% directly owned listed subsidiary of Beijing Capital Group Co. Ltd.

Beijing Capital Group granted a keepwell and liquidity support deed and a deed of equity interest purchase undertaking to ensure the issuer and guarantor have assets and liquidity to meet their respective obligations for the senior notes. The proceeds will be mainly used to refinance indebtedness.

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