Fitch places Wanda on watch

Fitch Ratings said it placed Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda Commercial) BB+ long-term foreign-currency issuer default rating and Wanda Commercial Properties (Hong Kong) Co. Ltd.'s (Wanda HK) long-term foreign-currency IDR, senior unsecured rating and the rating on its guaranteed dollar-denominated notes of BB on rating watch negative.

The agency said it also assigned an RR4 Recovery Rating to the senior unsecured ratings.

“The RWN reflects the uncertainty in the listing of Zhuhai Wanda Commercial Management Ltd. (Zhuhai Wanda), an asset-light property management company in which Wanda Commercial holds a 79% stake. Fitch is also watching for any deterioration in the parent group's financial profile as a result of the IPO uncertainty and continued weak performance at Wanda Commercial's sister company, Wanda Properties Group Co. Ltd. (Wanda Properties),” Fitch said in a press release.

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