Moody’s rates Beijing Capital program Baa3

Moody's Investors Service said it assigned a provisional Baa3 senior unsecured rating to the proposed $1 billion medium-term note program of Beijing Capital Polaris Investment Co. Ltd.

The program will be unconditionally and irrevocably guaranteed by Beijing Capital Group Co., Ltd. (BCG, Baa3 stable).

"The MTN program will provide the company with flexibility to raise term funding in the offshore bond market and improve its debt maturity profile," Kaven Tsang, Moody's vice president, senior credit officer and international lead analyst for BCG, said in a news release.

According to the agency, Beijing Capital Group’s Baa3 issuer rating primarily reflects its baseline credit assessment (BCA) of ba3 and Moody's assessment of the high likelihood of the company receiving extraordinary support from the Beijing Municipal Government in times of need, which provides a three-notch uplift to its final rating.

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