Moody's downgrades Dalian Wanda Commercial Management and Wanda HK's ratings; ratings on review for further downgrade

Dalian Wanda Commercial Management Grp Co Ltd: Update following rating action - Credit Opinion – 2023/07/11 – US$ 250.00 – ...We downgraded Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) corporate family rating (CFR) to B1 from Ba2 with a negative outlook, reflecting DWCM's deteriorated access to funding, and diminishing liquidity buffer and financial flexibility. DWCM's B1 CFR reflects its strong brand and track record of developing and operating commercial properties in China. The rating also captures the company's sizable and recurring leasing and management fee income from its investment property portfolio. On the other hand, DWCM's CFR is constrained by its deteriorated access to funding, private company status and governance concerns, particularly over material related-party transactions with its parent company. It further considers the potential financial and liquidity impact associated with the contagion risks of its parent company, Dalian Wanda Group Co., Ltd., and the share buyback obligations of its property management subsidiary from strategic investors, if the IPO of the subsidiary cannot...

Moody's downgrades DWCM's and Wanda HK's ratings, changes outlook to negative (chinese) - Rating Action – 2023/07/07 – US$ 180.00 – FSA Commissioner (Ratings) 2 3 MJKK MSFJ () MJKK MSFJ () ( ) MJKK MSFJ () 100,000 550,000,000 MJKK MSFJ 9 ...

Moody's downgrades DWCM's and Wanda HK's ratings, changes outlook to negative - Rating Action – 2023/07/06 – 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: Update following rating action - Credit Opinion – 2023/05/10 – US$ 250.00 – ...On 5 May 2023, we downgraded Dalian Wanda Commercial Management Grp Co Ltd's (DWCM) corporate family rating (CFR) to Ba2 from Ba1 and put the rating on review for further downgrade. DWCM's Ba2 CFR, which is on review for downgrade, reflects its strong brand and track record of developing and operating commercial properties in China. The rating also takes into consideration the company's sizable, stable recurring leasing and management fee income and cash flow from its investment property portfolio. On the other hand, DWCM's CFR is constrained by its private company status and governance concerns, particularly over material related-party transactions with its parent company. The Ba2 CFR is also constrained by its exposure to lower-tier cities and execution risks related to its expansion plan amid fast-changing business conditions....

Moody's downgrades Dalian Wanda Commercial Management and Wanda HK's ratings; ratings on review for further downgrade (Chinese) - Rating Action – 2023/05/08 – US$ 180.00 – FSA Commissioner (Ratings) 2 3 MJKK MSFJ () MJKK MSFJ () ( ) MJKK MSFJ () 100,000 550,000,000 MJKK MSFJ 8 ...

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 (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 ...