Moody’s gives Ba3 to Wanda’s notes

Moody’s Investors Service said it assigned a Ba3 senior unsecured rating to the proposed notes to be offered by Wanda Properties Overseas Ltd., a wholly owned subsidiary of Wanda Commercial Properties (Hong Kong) Co. Ltd., which will guarantee the notes.

Wanda Hong Kong is a wholly owned subsidiary of Dalian Wanda Commercial Management Group Co., Ltd.

The proposed notes will also be supported by a deed of equity interest purchase undertaking and a keepwell deed between the three companies and the bond trustee.

“The proposed notes issuance will slightly lengthen the group’s debt maturity profile without materially affecting the two companies’ credit metrics, as they plan to use the proceeds mainly to refinance existing debt,” said Kaven Tsang, a Moody’s senior vice president, in a press release.

Proceeds will be used mainly to refinance debt.

The outlook is stable.

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