S&P cuts Wanda HK to BBB-, notes to BB+

Standard & Poor's lowered its long-term corporate credit rating on Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK) to BBB- from BBB. The outlook is negative.

S&P also downgraded its long-term Greater China regional scale rating on Wanda HK to cnBBB+ from cnA-.

At the same time, the agency lowered its long-term issue rating on the company's guaranteed outstanding senior unsecured notes to BB+ from BBB-. It also lowered its long-term Greater China regional scale rating on the notes to cnBBB from cnBBB+.

S&P removed all the ratings on the company and its notes from CreditWatch, where they were placed with negative implications on Jan. 22.

“We downgraded Wanda HK following a similar rating action on its parent Dalian Wanda Commercial Properties Co. Ltd.,” said S&P credit analyst Matthew Kong in a news release. “The rating on Wanda HK is one notch lower than that on Wanda Commercial to reflect the company's highly strategic status to the parent group.”

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