Fitch rates Wanda notes BB

Fitch Ratings said it assigned a BB rating to Dalian Wanda Commercial Management Group Co., Ltd.'s planned dollar-denominated senior unsecured notes, which will be issued by its wholly owned subsidiary, Wanda Properties Global Co. Ltd.

“The proposed notes are rated at the same level as Wanda Commercial Properties (Hong Kong) Co. Ltd.'s (Wanda HK, BB/stable) senior unsecured rating, as they will be unconditionally and irrevocably guaranteed by Wanda HK, Wanda Real Estate Investments Ltd. and Wanda Commercial Properties Overseas Ltd. In addition, Wanda Commercial has granted a keepwell deed and a deed of equity interest purchase undertaking to ensure the issuer has sufficient assets and liquidity to meet its note obligations,” Fitch said in a statement.

Additionally, the agency noted Wanda Group plans to obtain bank loans or use cash from the sale of offshore subsidiaries, around $1.5 billion mainly from the sales of 100% of AMC and 20% of Legendary Entertainment in 2021-2022, to repay a $380 million bond due in March.

The outlook is stable.

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