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Fitch cuts Beijing Capital, Central Plaza
Fitch Ratings said it downgraded Beijing Capital Land Ltd.'s foreign currency and local currency long-term issuer default ratings to BB from BB+ and senior unsecured rating to BB from BB+.
The outlook for the issuer default rating is stable.
The agency also downgraded Central Plaza Development Ltd.’s RMB 2 billion of 7.6% guaranteed bonds due 2015 to BB from BB+, RMB 3 billion of 5¾% guaranteed notes due 2017 to BB from BB+ and RMB 250 million of 6 7/8% guaranteed notes due 2019 to BB from BB+.
Fitch said the downgrade reflects the company's persistent increase in leverage, measured by the net debt/adjusted inventory ratio, which Fitch expects will reach 60% at end-2014 from 53% in end-June 2014 and 47% at end-2013. This is a result of aggressive land acquisition.
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