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Bond Market News

Dalian Wanda Downgraded to BB- by Fitch

Dalian Wanda Commercial Management Group was downgraded to BB- from BB+ by Fitch. Similarly, Wanda Commercial Properties (Hong Kong) saw its senior unsecured rating and dollar bonds’ issue ratings cut to B+ from BB. Looming uncertainty over the completion of their subsidiary, Zhuhai Wanda’s IPO by end-2023, reduced liquidity buffer and tightening liquidity were some of the primary reasons cited. This comes after the weakening of Dalian Wanda’s consolidated profile amid falling liquidity at Wanda Properties, a sister company. Fitch is currently on the watch for any further worsening of Wanda Group’s liquidity or weakening in financial separation between Wanda Commercial and Wanda Group that would result in a need for Fitch’s “Parent and Subsidiary Linkage (PSL) reassessment”.

Wanda’s 6.875% 2023s are trading at 92.5 cents on the dollar.

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