...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...