Fitch ups Beijing Capital

Fitch Ratings said it upgraded Beijing Capital Development Holding (Group) Co., Ltd.’s long-term foreign-currency issuer default rating to BBB from BBB-. Fitch also upgraded the company’s senior unsecured rating and Bright Galaxy International Ltd.’s $500 million of 3 3/8% senior unsecured notes due 2021, which Beijing Capital guarantees, to BBB from BBB-.

The upgrade is based on a three-notch uplift from the company’s stand-alone credit profile of bb, from a two-notch uplift previously, due to the group’s increasing involvement in policy roles after taking over Beijing Real Estate Group Co., Ltd. and being repositioned as a special function state-owned entity instead of a homebuilder, Fitch said.

The outlook is stable.

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