Moody’s gives Wanda notes Ba3

Moody's Investors Service said it gave a Ba3 rating to the senior unsecured bond issued by Wanda Properties Global Co. Ltd.

Wanda Properties Global is a wholly-owned subsidiary of Wanda Commercial Properties (HK) Co. Ltd. (Wanda HK). The bond is guaranteed by Wanda HK and supported by deeds of equity interest purchase undertakings and keepwell deeds between Dalian Wanda Commercial Management Group Co., Ltd. (DWCM), Wanda HK and the bond trustee.

"The proposed bond will lengthen DWCM's and Wanda HK's debt maturity profile and will not have a material impact on their credit profile, since we expect the proceeds to be used to prefund its maturing debt," said Alfred Hui, a Moody's analyst, in a press release.

The agency said it considers Wanda HK’s liquidity weak. Over the next 12 to 18 months, it has a $400 million due in July and a $600 million bond due next January. The company sold a $400 million offshore bond last month, which partly tempers the refinancing risk. Moody's expects DWCM to help fund Wanda HK when needed.

The outlooks on the above companies are stable.

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