S&P raises Wanda Commercial

S&P said it raised its long-term issuer credit ratings on Dalian Wanda Commercial Management Group Co. Ltd. to BB+ from BB, and on the company's Hong Kong-based subsidiary, Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK), to BB from BB-.

S&P also raised the long-term issue rating on the senior unsecured notes Wanda HK guarantees to BB, the same as the issuer credit rating on Wanda HK.

“We upgraded Wanda Commercial because we expect the company's completion of its business model transition will continue to improve its cash flow sustainability and leverage stability. We raised our rating on Wanda HK following the action on its parent,” S&P said in a press release.

S&P forecasts leasing activities will generate more than 90% of EBITDA from 2020 onward. The company completely wound down its development business in 2019.

The outlook is stable.

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