Fitch assigns Beijing Capital program BB+

Fitch Ratings said it assigned a BB+ rating to Beijing Capital Land Ltd.'s (BB+/negative) $1 billion medium-term note program and an expected BB+(EXP) rating to its proposed senior unsecured offshore yuan notes issued under the program.

The medium-term note program was established by Central Plaza Development Ltd., with notes under the program to be irrevocably and unconditionally guaranteed by either Beijing Capital or by Beijing Capital's wholly owned subsidiary International Financial Center Property Ltd.

Fitch said the rating assigned to the medium-term note program is no assurance that notes issued under the program will be assigned a rating, or that the rating assigned to a specific issue will be the same as that of the program.

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