Moody's assigns Ba3 to Dalian Wanda bond

Moody's Investors Service said it assigned a Ba3 rating to the planned senior unsecured bond to be issued by Wanda Properties Global Co. Ltd. The issuer is a subsidiary of Wanda Commercial Properties (HK) Co., Ltd., which is a subsidiary of Dalian Wanda Commercial Management Group Co., Ltd. (DWCM)

Wanda Commercial Properties (HK) will guarantee the bond, which will be supported by deeds of equity interest purchase undertakings and keepwell deeds between Dalian Wanda, Wanda HK and the bond trustee.

"The proposed bond will lengthen DWCM and Wanda HK's debt maturity profile and will not have a material impact on their credit metrics, since DWCM will use the proceeds mainly to refinance offshore debt," said Alfred Hui, a Moody's analyst, in a press release.

The outlook on Wanda is stable.

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