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Prospect News home > News index > List of issuers B > Headlines for Beijing Capital Group Co. Ltd. > News item |
Fitch rates Beijing Capital Group securities BB+
Fitch Ratings said it assigned an expected rating of BB+ to the proposed subordinated guaranteed perpetual securities to be offered by Central Plaza Development Ltd.
The notes will be unconditionally guaranteed by International Financial Center Property Ltd., a wholly owned subsidiary of Beijing Capital Land Ltd., which is a 54.5% directly owned subsidiary of Beijing Capital Group Co. Ltd.
“Fitch accords no equity credit to the subordinated perpetual capital securities and they are rated two notches below BCG’s BBB issuer default rating (IDR) to reflect the incremental risk relative to the IDR in accordance with our non-financial corporates hybrids treatment and notching criteria. BCG has granted a keepwell and liquidity support deed and a deed of equity interest purchase undertaking to ensure that the issuer and guarantor have sufficient assets and liquidity to meet their respective obligations for the senior notes,” said Fitch in a press release.
Proceeds will be used to refinance debt.
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