20.11.2012 03:30
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Beijing Capital Land Limited -- Moody's assigns first-time Ba2 rating to Beijing Capital Land

Hong Kong, November 20, 2012 -- Moody's Investors Service has assigned a first-time Ba2 corporate family rating to Beijing Capital Land Ltd ("BJCL").

The rating outlook is stable. Rating Rationale "BJCL's Ba2 corporate family rating reflects its medium-sized operation with activities in 15 cities in China, and a track record of operating through various business cycles since it was established in 2002," says Kaven Tsang, a Moody's Vice President and Senior Analyst.

"The rating also considers its improving sales stability, seasoned management, and solid liquidity profile," adds Tsang, also the lead analyst for BJCL.

"BJCL's Ba2 rating further reflects its good access to funding and its ability to secure good growth opportunities because of its close relationship with its parent and the Beijing Municipal Government," says Tsang.

BJCL is one of the few Chinese developers that can issue bonds in both the onshore and offshore markets. Thus, it has an advantage over other privately owned rated Chinese property developers in managing its funding risks in a market where bank credit is frequently tight.

BJCL's close relationship with its parent -- the Beijing Capital Group Ltd. (the "Capital Group", unrated) and the Beijing Municipal Government has also helped it achieve good access to well-located land banks, for example the Xanadu and Reflections projects, and primary land development projects where its parent has invested in infrastructure projects.

BJCL's Ba2 rating is constrained by its small operation relative to most of the Ba-rated peers, a history of sales volatility in the down cycle in 2008, and its moderate financial metrics of adjusted debt/capitalization around 65% and EBITDA/interest around 2.5x. Such metrics are weak for its Ba2 rating relative to its peers.

The stable outlook reflects Moody's expectation that BJCL will have adequate cash and operating cash flow to fund its current projects, and that it will not aggressively pursue large land acquisitions.

Upward pressure on its ratings over the medium term could emerge if the company can demonstrate a track record of improving its financial profile through enhancing sales execution and executing disciplined land acquisitions.

Moody's would consider an upgrade if the company maintains adjusted debt/capitalization below 50% and EBITDA/interest above 4.5x - 5x.

On the other hand, downward rating pressure could emerge if BJCL: (1) fails to execute its business plan, such that contract sales are lower than RMB9-10 billion per annum; (2) materially accelerates development, and/or executes an aggressive land acquisition plan, such that its liquidity weakens with cash falls substantially below the level of short-term debt; or (3) interest cover falls below 2.5x on a sustained basis.

The principal methodology used in rating BJCL was the Global Homebuilding Industry Methodology, published March 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Incorporated in China, Beijing Capital Land Limited ("BJCL") is a mid-sized developer in China's residential property sector. As of June 30, 2012, BJCL had a total land bank of 11 million square meters (sqm) (attributable land bank: 6.94 million sqm) in gross floor area (GFA) covering 15 cities in China. This land bank can support the company's development for the next four to five years.

The Capital Group is the largest shareholder of BJCL with a 47% equity interest. It is also a large state-owned enterprise, 100% owned by the Beijing Municipality and directly under the supervision of the State-Owned Assets Supervision and Administration Commission of the Beijing Municipality. It has three core businesses: infrastructure, real estate, and financial services.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Kaven Tsang Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Gary Lau MD - Corporate Finance Corporate Finance Group JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: (852) 3758 -1350 SUBSCRIBERS: (852) 3551-3077 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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