Fitch rates Wanda Commercial notes BB

Fitch Ratings said it assigned a rating of BB to Dalian Wanda Commercial Management Group Co., Ltd.'s planned dollar 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.

Dalian Wanda Group Co., Ltd. plans to borrow new bank loans or use cash from selling 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 March 2023.

The outlook is stable.

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