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Fitch rates Dalian Wanda notes BBB+
Fitch Ratings said it published the expected BBB+ rating of Dalian Wanda Commercial Properties Co., Ltd.'s proposed dollar-denominated senior notes.
The securities will be guaranteed by its wholly owned subsidiary, Wanda Commercial Properties (HK) Co., Ltd. and issued by Wanda Properties Overseas Ltd.
Wanda said it granted a keepwell deed and a deed of equity interest purchase undertaking to ensure that Wanda HK and Wanda Properties have sufficient assets and liquidity to meet their respective obligations for the senior notes, Fitch said.
Wanda also introduced a standby facility under the keepwell deed to provide Wanda Properties with sufficient liquidity to meet its obligations for the senior notes, the agency said.
The ratings are supported by the company's strong and growing recurring cash flows from its investment property portfolio of 71 retail malls and 39 hotels across China, Fitch said.
The company's flagship developments, called Wanda Plaza, enjoy high occupancy rates and continued rental rate growth and always open with 100% occupancy, reflecting management's strong execution capabilities, the agency said.
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