Dalian Wanda Commercial Management Grp Co Ltd: Covenant Quality Post-Sale Snapshot: $400m 6.95% Guaranteed Bonds due 2022

Dalian Wanda Commercial Management Grp Co Ltd: Update following rating affirmation - Credit Opinion – 2020/07/15 – US$ 250.00 – ...Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) Ba1 corporate family rating (CFR) reflects its strong brand and track record of developing and managing commercial properties in China (A1 stable). The rating also takes into consideration the company's sizable recurring leasing and management income from its investment property portfolio and strong cash position. These strengths temper the risk associated with its high gross debt leverage, exposure to lower-tier cities and the execution risks related to its expansion plan amid difficult retail conditions and a slowing economy. We expect DWCM's net debt/EBITDA to recover to around 4.5x in 2021 after an expected increase to around 6.0x in 2020 from 4.0x in 2019. Similarly, its EBITDA/interest coverage will recover to 2.5x-3.0x in 2021 after an expected decline to 2.1x in 2020 from 3.0x in 2019. These projected ratios continue to support DWCM's CFR at the Ba1 level. The Ba1 CFR also takes into consideration DWCM's private company status...

Moody's affirms ratings of Dalian Wanda Commercial Management and Wanda HK; outlook stable (Chinese) - Rating Action – 2020/07/15 – US$ 180.00 – ¬ 2020 (Moody's Corporation) (Moody's Investors Service, Inc.) Moody's Analytics, Inc./("") / "" "" Moody's Analytics, Inc / () (benchmark) "" () (a) (b) ( ) ("MCO") () 1,000 2,700,000 MCO MCO MCO...

Moody's affirms ratings of Dalian Wanda Commercial Management and Wanda HK; outlook stable - Rating Action – 2020/07/13 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Dalian Wanda Commercial Management Grp Co Ltd: Covenant Quality Post-Sale Snapshot: $400m 6.875% Guaranteed Bonds due 2023 - Covenant Quality Assessment – 2020/01/29 – US$ 750.00 – ...1. Absent high-yield covenants: (i) debt incurrence; (ii) RPs; (iii) restrictions of affiliate transactions; (iv) line of business for the Subsidiary Guarantors; (v) Limitation on dividend stoppers; (vi) sale/leasebacks; (vii) stand-alone asset sales; (viii) mergers 2. Liens: negative pledge extends only to capital markets debt outside of the PRC 3. Structural subordination: (i) no operating subsidiaries guarantee the Notes; (ii) no future guarantee requirement; (iii) no restriction on subsidiary debt incurrence 4. CoC: put is triggered by 3 of the 5 standard events but is not weakened by a ratings decline condition...

Moody's assigns Ba3 to Wanda Properties' proposed USD notes - Rating Action – 2020/01/20 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Moody's assigns Ba3 to Wanda's proposed USD notes; outlook stable (Chinese) - Rating Action – 2019/11/25 – US$ 180.00 – ¬ 2019 (Moody's Corporation) (Moody's Investors Service, Inc.) Moody's Analytics, Inc./("") ("MIS") Moody's Analytics, Inc () (benchmark) "" () (a) (b) () ("MCO") ( ) 1,000 2,700,000 MCO MIS MIS MCO...

Moody's assigns Ba3 to Wanda's proposed USD notes; outlook stable - Rating Action – 2019/11/22 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. ANY WAY THAT COULD RESULT...

Dalian Wanda Commercial Management Grp Co Ltd: Update following H1 2019 results - Credit Opinion – 2019/10/09 – US$ 250.00 – ...Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) Ba1 corporate family rating (CFR) reflects its strong brand and track record of developing and managing commercial properties in China. The rating also considers its improving business risk because it will gradually exit the more volatile property development business by 2020. Additionally, the Ba1 CFR reflects the execution risks associated with DWCM's transformation into an asset-light business model. However, we believe its strong cash position and high recurring income can provide a good financial buffer. We expect DWCM's debt/EBITDA and EBIT/interest to be at 5.5x-6.5x and 3.0x-3.5x, respectively, over the next 12-18 months, which will support its CFR of Ba1. The Ba1 CFR also considers DWCM's corporate governance and transparency, given its private company status....

Dalian Wanda Commercial Management Grp Co Ltd: Update to credit analysis - Credit Opinion – 2019/06/07 – US$ 250.00 – ...Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) Ba1 corporate family rating (CFR) reflects its strong brand and track record of developing and managing commercial properties in China. The rating also considers its improving business risk, as it will gradually exit the more volatile property development business by 2020. Additionally, the Ba1 CFR reflects the execution and asset sell down risks associated with DWCM's transformation to an asset-light business model. However, we believe its strong cash position and high recurring income can provide a good financial buffer. Overall, we expect that DWCM's debt/EBITDA and EBIT/interest to be at 5.0x-5.5x and 3.4x-3.7x, respectively, over the next one to two years to support its CFR of Ba1. The Ba1 CFR also considers DWCM's corporate governance and transparency given its private company status....

Dalian Wanda Commercial Management Group: Update following change of outlook to stable - Credit Opinion – 2018/06/07 – US$ 250.00 – ...We changed Dalian Wanda Commercial Management Group's (DWCM) outlook from negative to stable on 4 June 2018, reflecting the company's improved liquidity after the repayment of $1.7 billion in offshore bank loans. DWCM's Ba1 corporate family rating (CFR) reflects its strong brand, leading market position and a track record of developing and managing commercial properties in China. The rating also considers its improving business risk, as it will gradually exit the more volatile property development business by 2020. Additionally, the Ba1 rating reflects the execution and asset sell down risks associated with DWCM's transformation to an asset-light business model. However, we believe its strong cash position and high recurring income can provide good financial buffer. Overall, we expect DWCM's debt/EBITDA and EBIT/interest of about 5.5x and 3.0x, respectively, over the next one to two years, to support its CFR of Ba1. The Ba1 rating also considers the company's private company status and...