S&P puts Wanda on watch

S&P said it placed its BBB- long-term corporate credit rating and cnBBB+ long-term Greater China regional scale rating on Dalian Wanda Commercial Properties Co. Ltd. (Wanda Commercial) on CreditWatch with negative implications.

At the same time, S&P also placed on CreditWatch with negative implications the BB+ long-term corporate credit rating and cnBBB long-term Greater China regional scale rating on the company's subsidiary, Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK). Wanda Commercial is a China-based property developer.

“We placed the ratings on CreditWatch to reflect the risks that Wanda Commercial's unexpected sale of its tourism projects and hotels could weaken its business position and have an uncertain impact on leverage. The CreditWatch also highlights the company's lack of transparency over its business strategy and execution, and the limited visibility over its strategy and financial position for the next two years,” S&P said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.