Fitch: Beijing Energy bond A+

Fitch Ratings sad it assigned an expected A+ senior unsecured rating to Beijing Energy Investment Holding Co., Ltd.’s proposed euro-denominated bond.

The bond will be issued by Beijing Energy Investment Holdings Ltd., a wholly owned offshore subsidiary of Beijing Energy Investment Holding (Hong Kong) Co. Ltd.

Beijing Energy Investment has granted deeds to ensure the subsidiary has sufficient assets and liquidity to meet its obligations under the proposed offshore bond, Fitch said.

The company’s ratings are strongly linked to the Beijing municipality, the agency said.

The municipality’s budgetary performance has been robust, Fitch said, and has a strong and well-diversified socio-economic profile and a close relationship with the China sovereign.

The company’s importance to Beijing Municipality stems from its leading role in operating the largest district heating network covering the central area of the city, including key government offices and foreign consulates, Fitch said.

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