S&P slashes Dalian Wanda

S&P said it lowered its ratings on Dalian Wanda Commercial Management Group Co. Ltd. to B+ from BB, Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK) and the long-term issue credit rating on the senior unsecured notes Wanda HK guarantees to B from BB-. All the ratings remain on CreditWatch, where they were placed with negative implications on April 28.

Dalian Wanda Group Co. Ltd. (DWG) is the ultimate parent of the companies. It plans to publicly list Zhuhai Wanda Commercial Management Group Co. Ltd. by end 2023. However, the China Securities Regulatory Commission has yet to approve it.

“We downgraded Wanda Commercial due to greater uncertainties over Zhuhai Wanda's initial public offering (IPO). Zhuhai Wanda had submitted additional materials at end-June 2023 to CSRC in response to the financial regulator's questions on June 2, 2023. CSRC has yet to reply, while time is shortening for Zhuhai Wanda to list by end-2023,” the agency said in a statement.

S&P said it aims to resolve the CreditWatch once it has details to assess the likelihood of the listing of Zhuhai Wanda and Wanda Commercial's other backup plans. “We will also assess the credit profiles, especially liquidity position, of Wanda Commercial and DWG.”

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