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Fitch downgrades Wanda Commercial
Fitch Ratings said it downgraded the long-term foreign-currency issuer default rating of Dalian Wanda Commercial Management Group Co., Ltd. (Wanda Commercial) to B from BB- and that of Wanda Commercial Properties (Hong Kong) Co. Ltd. (Wanda HK) to B- from B+. Fitch also cut the rating on U.S. dollar notes guaranteed by Wanda HK and issued by Wanda Commercial's subsidiaries to B- from B+. The recovery rating is RR4.
“The downgrade follows a further weakening in the consolidated profile of Dalian Wanda Group Co., Ltd. (Wanda Group), Wanda Commercial's 44% parent, due to heightened liquidity risk at Wanda Commercial's sister company, Wanda Properties Group Co. Ltd. (Wanda Properties), as disputes with stakeholders arise,” Fitch said in a press release.
Fitch noted that despite the issues with stakeholders, Wanda Group said it refinanced most of its $275 million offshore loan due end-June 2023 and repaid the remainder.
All ratings remain on rating watch negative.
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