Moody's affirms ratings of Dalian Wanda Commercial Management and Wanda HK; outlook stable (Chinese)

Dalian Wanda Commercial Management Grp Co Ltd: Covenant Quality Post-Sale Snapshot: $400m 11% Guaranteed Bonds due 2025 - Covenant Quality Assessment – 2023/01/16 – US$ 750.00 – ...1. Absent high-yield covenants: (i) debt incurrence; (ii) RPs; (iii) stand-alone asset sales; (iv) restrictions of affiliate transactions; (v) line of business for the Subsidiary Guarantors; (vi) Limitation on dividend stoppers; (vii) sale/leasebacks; and (viii) mergers 2. Liens: negative pledge extends only to capital markets debt outside the PRC 3. Structural subordination: (i) no operating subsidiaries guarantee the Notes; (ii) no future guarantee requirement; (iii) no restriction on subsidiary debt incurrence...

Moody's assigns Ba3 rating to Dalian Wanda Commercial Management's proposed USD bond (Chinese) - Rating Action – 2023/01/13 – US$ 180.00 – ¬ 2023 (Moody's Corporation) (Moody's Investors Service, Inc.) Moody's Analytics, Inc./ ("") ( "") ("") Moody's Analytics, Inc./ () (benchmark) "" () (a) (b) ( ) ("MCO") () 1,000 5,000,000 MCO MCO ...

Moody's assigns Ba3 rating to Dalian Wanda Commercial Management's proposed USD bond - Rating Action – 2023/01/12 – 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 – 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 - 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 to credit analysis - Credit Opinion – 2020/09/29 – 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 risks associated with its high gross debt leverage, exposure to lower-tier cities and execution risks related to its expansion plan amid difficult retail conditions and a slowing economy. 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 Tencent- led consortium and its board representation could partly mitigate such risks. We expect DWCM's net debt/EBITDA to recover to around 4.5x in 2021 after increasing to around 5.9x in 2020 from 4.6x for the 12 months ended June 2020. Similarly,...

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...