S&P changes Beijing Capital view

S&P said it revised the outlook on Beijing Capital Group Co. Ltd. (BCG) and its subsidiary, Beijing Capital Land Ltd. (BCL), to stable from negative.

At the same time, the agency affirmed the BBB- long-term corporate credit rating on BCG and BB+ long-term corporate credit rating on BCL.

S&P also affirmed the BBB- ratings on BCG's outstanding guaranteed senior notes.

“We revised the outlook to stable, as we believe BCG has adopted a more prudent financial policy and has committed to improve its debt servicing capacity over the next several years,” the agency said in a news release.

“We expect the company will improve its debt leverage gradually by slowing debt-funded expansion, increasing the booking of higher margin property sales, and disposing of less strategic assets.”

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