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Fitch assigns Dalian Wanda notes BB+
Fitch Ratings said it assigned a rating of BB+ to Dalian Wanda Commercial Management Group Co., Ltd.’s proposed dollar-denominated senior unsecured notes, to be sold by its wholly owned subsidiary, Wanda Properties Overseas Ltd.
The notes are rated at Wanda Commercial’s senior unsecured rating, because they will be guaranteed by its wholly owned subsidiaries; Wanda Commercial Properties (Hong Kong) Co. Ltd., Wanda Real Estate Investments Ltd. and Wanda Commercial Properties Overseas Ltd.
Wanda Commercial granted a keepwell deed and a deed of equity interest purchase undertaking to ensure the issuer has the assets and liquidity to make the necessary payments.
“Fitch expects rental and management revenue to continue to rise by around 10% in 2019-2020 through leasable floor area expansion. We estimate recurring EBITDA was CNY 21.3 billion in 2018 and recurring EBITDA net interest coverage was 2.3x. This should rise before stabilizing at above 2.6x in 2020, commensurate with its bbb+ credit strength. Wanda Commercial’s net debt/recurring EBITDA increased slightly to 5.1x in 2018, from 4.7x in 2017. Fitch expects net debt/recurring EBITDA to be sustained below 6.0x after such adjustment in 2019-2020,” said Fitch in a press release.
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