Dalian Wanda Commercial Management Grp Co Ltd: Update to credit analysis

Dalian Wanda Commercial Management Grp Co Ltd: Update to credit analysis - Credit Opinion – 2022/07/14 – US$ 250.00 – ...Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) Ba1 corporate family rating (CFR) reflects its strong brand; track record of developing and operating commercial properties in China; and sizable recurring leasing and management income from its investment property (IP) portfolio, which provides the company with stable and recurring cash flow. The Ba1 CFR also incorporates DWCM's good liquidity. DWCM's Ba1 CFR is constrained by its exposure to lower-tier cities, exposure to execution risks related to its expansion plan in evolving business conditions, and private company status. However, the corporate governance risk is partly mitigated by the presence of independent directors and reputable shareholders, such as Tencent Holdings Limited (Tencent, A1 stable) and other investors, who appoint their representatives to the board of directors to balance the interests of the shareholders, creditors and other stakeholders. We forecast DWCM's adjusted net debt/EBITDA and EBITDA/interest coverage...

Dalian Wanda Commercial Management Grp Co Ltd: Update to credit analysis - Credit Opinion – 2021/10/08 – US$ 250.00 – ...Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) Ba1 corporate family rating (CFR) reflects its strong brand; track record of developing and operating commercial properties in China; good liquidity; and sizable recurring leasing and management income from its investment property (IP) portfolio, which provides the company with stable and recurring cash flow. DWCM's Ba1 CFR is constrained by its high gross debt, exposure to lower-tier cities, exposure to execution risks related to its expansion plan amid evolving business conditions, and private company status. However, the corporate governance risk is partly tempered by the presence of independent directors and reputable shareholders, such as Tencent Holdings Limited (Tencent, A1 stable) and other investors, who appoint their representatives to the board of directors to balance the interests of the shareholders, creditors and other stakeholders. We forecast DWCM's adjusted net debt/EBITDA and EBITDA/interest coverage will improve to...

Moody's affirms ratings of Dalian Wanda Commercial Management and Wanda HK; outlook stable (Chinese) - Rating Action – 2021/09/28 – US$ 180.00 – ¬ 2021 (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 – 2021/09/27 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR 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. MOODY'S CREDIT RATINGS, 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...

Dalian Wanda Commercial Management Grp Co Ltd: Update to credit analysis - Credit Opinion – 2021/06/01 – 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 operating 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 (IP) portfolio which provides stable and recurring cash flow and adequate liquidity. These strengths temper the risks associated with its high gross debt leverage, exposure to lower-tier cities and execution risks related to its expansion plan amid evolving business conditions. The Ba1 CFR also takes into consideration DWCM's private company status and the risks related to its corporate governance and transparency. However, ownership by the consortium led by Tencent Holdings Limited (Tencent, A1 stable) and its board representation could mitigate such risks. We forecast DWCM's adjusted net debt/EBITDA and EBITDA/interest coverage will improve to 5.5x-6.0x and...

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,...