Moody’s reviews Beijing Enterprises

Moody's Investors Service said it placed Beijing Enterprises Holdings Ltd.’s (BEHL) A3 issuer rating and Beijing Enterprises Group (BVI) Co. Ltd.’s (BE BVI) A3 issuer rating on review for downgrade.

The agency also placed the A3 senior unsecured rating for the bonds guaranteed by Beijing Enterprises Holdings or Beijing Enterprises Group, issued by Mega Advance Investments Ltd., Talent Yield (Euro) Ltd., Talent Yield Investments Ltd. and Charter Style International Ltd. on review for downgrade.

"The review for downgrade is driven by BEHL's announcement that it will acquire 100% of EEW Holdings GmbH (EEW; unrated), which is a material waste-to-energy company operating in Germany," Moody's vice president and senior analyst Ada Li said in a news release.

"We expect that the transaction, which will cost approximately Eur1.45 billion, will be partly debt funded, which would pressure BEHL's financial metrics to levels that may no longer be consistent with the A3 ratings level."

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