Fitch affirms Beijing Capital City Development

Fitch Ratings said it affirmed Beijing Capital City Development Group Co., Ltd.'s long-term foreign-currency issuer default rating at BBB, and International Financial Center Property Ltd.'s long-term foreign-currency issuer default rating at BBB-.

The outlook remains negative.

Fitch affirmed Central Plaza Development Ltd.'s $3 billion medium-term note program at BBB, which is linked to Beijing Capital City Development's credit profile as its financing special purpose vehicle.

Issue ratings of drawdowns from the program will depend on the final structure and guarantor, Fitch said.

Fitch affirmed Central Plaza's $450 million 3.85% senior notes due July 2025 at BBB- and $500 million 5¾% subordinated perpetual securities at BB.

The securities are guaranteed by International Financial Center and carry a keepwell from Beijing Capital Group Co. Ltd. (BBB/negative).

Fitch also affirmed the BBB rating on Central Plaza's $500 million 4.65% senior unsecured notes due January 2026, which are guaranteed by BCG Chinastar International Investment Ltd. (BBB/negative) and carry a keepwell from Beijing Capital Group.

The agency said Beijing Capital City Development’s ratings are supported by strong financial flexibility but constrained by a weak business profile and high leverage.

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