Fitch: Beijing Capital view to negative

Fitch Ratings said it revised the outlook on Beijing Capital Group Co. Ltd.'s long-term foreign-and local-currency issuer default ratings to negative from stable and affirmed the ratings at BBB.

Fitch also said it affirmed the company's senior unsecured rating at BBB.

The company’s standalone BB+ rating is based on the credit profiles of its three key business divisions – infrastructure, environmental protection and real estate, the agency said.

The negative outlook reflects the weakened credit profile of the environmental protection segment, which is partially mitigated by the improving real estate segment, Fitch said.

Beijing Capital’s land parcel in Beijing's Daxing district has a strong asset base, but cash flow generation is uncertain because it is dependent on future planning for its remaining land area, the agency said.

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