Moody’s trims Wanda

Moody’s Investors Service said it downgraded Dalian Wanda Commercial Management Group Co., Ltd.'s (DWCM) corporate family rating to Caa2 from Caa1. The agency also cut to Ca from Caa3 its ratings for Wanda Commercial Properties (HK) Co. Ltd.'s (Wanda HK) corporate family rating and senior unsecured ratings on the bonds issued by Wanda Properties Global Co. Ltd. and Wanda Properties International Co. Ltd.

On Tuesday, Wanda announced it is conducting a consent solicitation to extend the maturity of its $600 million offshore bond to Dec. 29, 2024 from Jan. 29, 2024, and to add mandatory partial redemptions on Jan. 5, 2024, May 29, 2024 and Sept. 29, 2024. The company is also soliciting consent to amend certain terms and conditions of the bond.

"The downgrade reflects DWCM's deteriorated liquidity and heightened refinancing risks, following its consent solicitation to its noteholders, which we recognize as a form of distressed exchange," said Alfred Hui, a Moody's analyst, in a press release.

The outlook remains negative.

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