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Fitch Affirms Beijing Enterprises Holdings at 'A-', Outlook Stable

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Fitch Ratings affirmed Beijing Enterprises' (HKG:0392) long-term issuer default rating and senior unsecured rating at 'A-', with a stable outlook, according to a Monday ratings commentary.

Fitch also affirmed the senior unsecured rating at 'A-' and the same rating on the company's existing U.S. dollar bonds guaranteed by the company.

Fitch expects Beijing Enterprises' EBITDA net leverage to rise to 5.3x in 2026 from 5.1x in 2025, mainly due to weaker earnings at water subsidiary BE Water, before averaging about 5.0x from 2027 to 2029.

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