Fitch gives Wanda HK

Fitch Ratings said it gave a long-term foreign-currency issuer default rating of and a senior unsecured rating of BB to Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK).

Fitch also downgraded Dalian Wanda Commercial Management Group Co., Ltd.’s U.S. dollar notes to BB from BB+. Wanda Properties International Co. Ltd. and Wanda Properties Overseas Ltd., wholly owned subsidiaries of Wanda HK, issued the notes.

Fitch said it cut the rating to align with Wanda HK’s rating, which guarantees them. Wanda HK’s parent, Dalian Wanda Commercial, provides credit support, via a keepwell deed and deed of equity interest purchase and investment undertaking, to the notes.

Wanda HK is Dalian Wanda Commercial’s sole offshore financing platform and overseas investment-holding company. Its ratings are supported by strong linkages with its parent, in line with Fitch’s parent and subsidiary rating linkage criteria. Wanda HK’s rating is one notch below that of its parent, Dalian Wanda Commercial, based on an assessment of moderate legal ties, moderate operational ties and strong strategic ties under our criteria, the agency said.

The outlook is stable.

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