Moody’s may downgrade Beijing Capital

Moody’s Investors Service said it placed the ratings of Beijing Capital Group Co., Ltd. and its subsidiaries on review for downgrade.

The ratings on downgrade review include the Baa2 issuer rating of Beijing Capital, along with the Baa2 backed senior unsecured rating on the bonds issued by Beijing Capital Polaris Investment Co. Ltd. and guaranteed by Capital Group.

Also on downgrade review includes the Ba2 corporate family rating of Beijing Capital Land Ltd. and the Ba3 corporate family rating of International Financial Center Property Ltd.

The Ba3 backed senior unsecured debt rating on the bonds issued by Central Plaza Development Ltd. also are on downgrade review as is the provisional Ba3 backed senior unsecured rating on its medium-term note program.

The bonds and program of Central Plaza are guaranteed by International Financial Center, Moody’s said.

The downgrade review is driven by concerns about the company’s ability to reduce its high debt leverage as planned in light of the weakening economic environment in China, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.