Moody’s slashes Wanda

Moody’s Investors Service said it downgraded Dalian Wanda Commercial Management Group Co., Ltd.'s (DWCM) corporate family rating to Caa1 from B1. The agency also cut Wanda Commercial Properties (HK) Co. Ltd.’s corporate family rating and the senior unsecured ratings on bonds issued by Wanda Properties Global Co. Ltd., Wanda Properties Overseas Ltd. and Wanda Properties International Co. Ltd. to Caa3 from B3.

Wanda HK wholly owns Wanda Properties Global, Wanda Properties Overseas and Wanda Properties International. It also guarantees their rated bonds.

“Moody's believes there is high uncertainty over DWCM's ability to address its debt repayment due in the next three to six months, including its $400 million bond maturity due on July 23, 2023. The company's ability to mobilize its cash and liquid investments could have been jeopardized due to risk aversion from its banks and other financiers,” the agency said in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.