S&P rates Wanda Commercial notes BBB-

Standard & Poor's said it assigned a BBB- long-term issue rating and cnA- Greater China regional scale rating to a proposed issue of senior unsecured notes guaranteed by Wanda Commercial Properties (Hong Kong) Co. Ltd.

Wanda Hong Kong's parent, Dalian Wanda Commercial Properties Co. Ltd., will issue the notes through Wanda Properties International Co. Ltd., a special purpose vehicle fully owned by Wanda Hong Kong.

The proceeds will be used for new projects and general corporate purposes.

The rating is one notch below the rating on parent Wanda Commercial to reflect an opinion that the company is a highly strategic subsidiary, S&P said.

The agency said it applies a top-down approach to derive the rating on Wanda Hong Kong because the company's stand-alone credit profile is not meaningful given its short operating record.

S&P also said it expects the company's operational and financial performances to remain integrated with those of Wanda Commercial.

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