Moody’s: Beijing Capital unaffected by notes

Moody's Investors Service said Beijing Capital Group Co., Ltd.'s Baa3 issuer rating and Beijing Capital Land Ltd.'s Ba3 corporate family rating will not be affected by Beijing Capital Grand Ltd.'s proposed issuance of up to $400 million offshore notes.

Trade Horizon Global Ltd. proposed to issue the notes, which would be irrevocably and unconditionally guaranteed by Beijing Capital Grand. The notes will also be supported by Beijing Capital Group through a keepwell and liquidity support undertaking and an equity interest purchase undertaking.

"The issuance will have no impact on BJCG's and BJCL's ratings because the issuance proceeds will be largely used for refinancing," Kaven Tsang, Moody's vice president and senior credit officer, said in a news release.

"Moreover, the proposed issuance will further improve BJCG's and BJCL's liquidity position and lengthen their debt maturity," Cindy Yang, Moody's assistant vice president and analyst, said in the release.

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