S&P rates Beijing Capital MTNs BBB-

S&P said it assigned its BBB- long-term issue rating to a proposed drawdown on Beijing Capital Polaris Investment Co. Ltd.'s recently established US$1 billion medium-term note program.

Beijing Capital Group Co. Ltd. (BCG: BBB-/stable/--) unconditionally and irrevocably guarantees the MTN program.

Beijing Capital plans to primarily use the proceeds from the proposed bond to refinance its existing debt, which includes debt related to eligible green projects under the company's Green Bond Framework.

“We equalize the rating on BCG's guaranteed debt with the corporate credit rating on the company. While BCG's priority debt is more than 50% of its total debt, a high likelihood of extraordinary government support largely mitigates the subordination risk,” S&P said in a news release.

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