Moody’s cuts Beijing Capital Group

Moody's Investors Service said it downgraded the issuer rating of Beijing Capital Group Co., Ltd. (Capital Group) to Baa3 from Baa2.

The outlook is negative. This concludes the review initiated on Feb. 29.

"The downgrade of Capital Group's ratings reflects its high debt leverage, which is primarily a result of the fast debt-funded expansion in its property and environmental protection businesses in 2015, and the slower-than-expected progress in its asset disposals," Moody's vice president and senior credit officer Kaven Tsang said in a news release.

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