Fitch assigns Beijing Capital Land notes BB+

Fitch Ratings said it has assigned Beijing Capital Land Ltd.'s (BB+/negative) private placement of 1 billion yuan of 5¾% guaranteed notes due 2017 a final BB+ rating.

The notes are issued under its $1 billion guaranteed medium-term note and perpetual securities program and will be consolidated with the 2 billion yuan of 5¾% guaranteed notes due 2017 issued on Feb. 17 to form a single series, the agency said.

Fitch noted that Beijing Capital Land's leverage, measured by the net debt/adjusted inventory ratio, moderated to 36% in 2013 from 47% in 2012, helped by a strong increase in development sales in the last two months of 2013.

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