Fitch rates Beijing Capital notes BBB

Fitch Ratings said it assigned an expected rating of BBB(EXP) to Beijing Capital Group Co. Ltd.'s (BBB/negative) proposed up to $400 million of senior unsecured fixed- and/or floating-rate notes.

The proposed notes will be issued by Trade Horizon Global Ltd. and will be unconditionally and irrevocably guaranteed by Beijing Capital Grand Ltd.

“The proposed notes are rated at the same level as BCG's senior unsecured rating, as BCG has granted a keepwell and liquidity support deed and a deed of equity interest purchase undertaking to ensure the issuer and guarantor have sufficient assets and liquidity to meet their note obligations,” the agency said in a news release.

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