Moody's assigns Ba3 rating to Dalian Wanda Commercial Management's proposed USD bond (Chinese)

Moody's downgrades Dalian Wanda Commercial Management and Wanda HK's ratings; ratings on review for further downgrade - Rating Action – 2023/05/05 – 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: Covenant Quality Post-Sale Snapshot: $300m 11% Guaranteed Bonds due 2026 - Covenant Quality Assessment – 2023/02/09 – US$ 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 4. CoC: put at 101% is triggered by 3 of the 5 standard events but is not weakened by a ratings decline condition....

Moody's assigns Ba3 rating to DWCM's proposed USD bond (Chinese) - Rating Action – 2023/02/09 – 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 DWCM's proposed USD bond - Rating Action – 2023/02/06 – 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: 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 - 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 (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...