Moody’s lowers Beijing Energy, bonds

Moody's Investors Service said it downgraded Beijing Energy Holding Co., Ltd.'s (BEH) issuer rating to A3 from A2 and the senior unsecured rating of Beijing Energy Investment Holdings Ltd.’s euro-denominated bond to Baa1 from A3.

The outlook is negative.

"The downgrade reflects the continued weakness in Beijing Energy's business profile and financial metrics after its merger with Beijing Jingmei Group, in December 2014," Moody's vice president and senior analyst Ada Li said in a news release.

"At the time of the merger, BEH's rating outlook was revised to negative from stable, reflecting these factors, which remain significant for the rating. As such, and in the absence of any material countermeasures, BEH's credit profile is no longer consistent with its previous rating."

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