Moody's rates Beijing Enterprises bonds A3

Moody's Investors Service said it assigned an A3 rating to the proposed senior notes to be issued by Talent Yield (Euro) Ltd. and guaranteed by Beijing Enterprises Holdings Ltd. (A3). The outlook is stable.

Beijing Enterprises expects to use the proceeds for refinancing, working capital and general corporate purposes.

The agency said Beijing Enterprises’ A3 rating reflects its diversified business portfolio, the monopoly or leading positions of its key subsidiaries in non-cyclical or regulated segments, and its sound track record of balancing growth and financial leverage.

On the other hand, the rating is constrained by the company's aggressive growth plans and the risks associated with the evolving nature of the regulatory framework for natural gas and water utilities in China, Moody’s said.

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