Moody’s ups Beijing Enterprises to A3

Moody's Investors Service said it upgraded the issuer rating of Beijing Enterprises Holdings Ltd. to A3 from Baa1.

The agency also upgraded the senior guaranteed notes issued by Mega Advance Investments Ltd. as well as Talent Yield Investments Ltd. and guaranteed by Beijing Enterprises to A3 from Baa1.

The outlook is stable.

Moody’s said the upgrades are the result of its review of Beijing Enterprises’ credit profile, taking into account its importance to the Beijing Municipal Government and Beijing Enterprises’ relationship with Beijing Enterprises Group Co. Ltd. (BE Group, unrated), which in turn is Beijing Enterprises’ ultimate parent. BE Group is 100% owned by Beijing's municipal government.

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