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Fitch rates Beijing Capital Juda notes BBB
Fitch Ratings said it assigned a final rating of BBB to Rosy Capital Global Ltd.’s ¥1.3 billion 5¼% guaranteed notes due 2018.
The offshore yuan-denominated notes are unconditionally and irrevocably guaranteed by Beijing Capital Juda Ltd., an indirect 75%-owned listed subsidiary of Beijing Capital Group Co. Ltd.
The notes are rated at the same level as Beijing Capital’s senior unsecured rating as the company has granted a keepwell and liquidity support deeds to ensure sufficient assets and liquidity to meet the obligations, Fitch said.
The proceeds of the notes will be used for working capital and general corporate purposes, the agency said.
The ratings benefit from the group’s strong operational and strategic linkage with the Beijing municipal government, Fitch said.
The ratings also reflect the company’s diversified business operations and large wholly owned asset pool, the agency said.
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