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Rating Action:

Moody's assigns Baa3 rating to Wanda's proposed bond

 The document has been translated in other languages

23 Jan 2014

Hong Kong, January 23, 2014 -- Moody's Investors Service has assigned a Baa3 senior unsecured rating to the proposed bond to be issued by Wanda Properties International Co. Limited, a wholly owned subsidiary of Wanda Commercial Properties (Hong Kong) Co. Limited (Wanda HK, Baa3 stable).

The rating outlook is stable.

The bond is guaranteed by Wanda HK, which is a wholly-owned subsidiary of Dalian Wanda Commercial Properties Co., Ltd (Wanda Commercial Properties, Baa2 stable, together with Wanda HK, Wanda Group).

In addition to the guarantee by Wanda HK, the bond is also supported by a deed of equity interest purchase undertaking and a keepwell deed between Wanda Commercial Properties, Wanda HK and the bond trustee.

An interest reserve account will be set up for the issuer to deposit two periods of interest payments on the bond.

The proceeds of the proposed issuance will be used to fund Wanda HK's projects in China and overseas, and for general corporate purposes.

RATINGS RATIONALE

"The new debt issue will strengthen Wanda Group's liquidity and extend its debt maturity profile," says Kaven Tsang, a Moody's Vice President and Senior Analyst.

The new issue will also help diversify the Group's funding access and debt structure.

"These benefits partly mitigate a moderate rise in the group's debt leverage," adds Tsang, who is also the Lead Analyst for the Group.

Moody's expects Wanda Commercial Properties' EBITDA/interest will be in the 4.0x-5.0x range for the next two years. Meanwhile, its net debt/net capitalization will stay below 40%. These ratios match its Baa2 issuer rating.

Wanda HK's Baa3 issuer rating continues to reflect its currently weak standalone credit profile and incorporates a three-notch rating uplift, based on expected strong financial and operating support from its parent, Wanda Commercial Properties.

Moody's expects Wanda HK will grow in size in the next 2 to 3 years through asset acquisitions, which will in turn strengthen its operating profile and geographic diversity.

Nevertheless, its credit profile will stay weak over the near term, and it has to rely on Wanda Commercial Properties' support for its operations and credit profile. This support better positions Wanda HK to manage its business and execution risks associated with its small scale and lack of diversification.

Wanda HK's rating is also constrained by the company's high debt leverage with an expected debt/total capitalization of around 80% post the bond issuance.

The Baa3 senior unsecured rating for the proposed bond also reflects our expectation of (1) the absence of subordination risk to bondholders, and (2) the availability of financial support from Wanda Commercial Properties to Wanda HK.

At the same time, the stable outlook reflects Moody's expectation that Wanda HK will obtain full operating and financial support from Wanda Commercial Properties, and that it will execute its business plan to grow its assets and contracted sales.

Upward rating pressure for Wanda HK is limited in the near term. Moody's would consider a rating upgrade in the longer term if Wanda HK can (1) successfully implement its business plan; (2) materially improve its scale and diversity; and (3) improve its credit profile, such that adjusted debt/capitalization falls below 50%-55% and EBITDA/interest rises above 3.5x-4x on a consistent basis.

Wanda HK's rating could come under downward pressure if it (1) fails to execute its asset acquisitions according to its business plan in the next 12 months, such that its scale, sales and operating cash flow generation are weaker than anticipated, and its total contracted sales fail to trend towards RMB10-15 billion by end-2015; and/or (2) materially accelerates development, and executes an aggressive land acquisition plan, such that EBITDA/interest fails to trend towards 2x-2.5x in the next 2-3 years after the proposed bond issuance.

Any evidence of any reduction in ownership, or weakening in the support from Wanda Commercial Properties, or a deterioration in Wanda Commercial Properties' own credit profile could also be negative for the ratings.

Wanda Properties International Co. Limited's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside Wanda Properties International Co. Limited's core industry and believes Wanda Properties International Co. Limited's ratings are comparable to those of other issuers with similar credit risk.

Wanda Commercial Properties (Hong Kong) Co. Limited was incorporated on 6 February 2013 as the sole offshore funding and investment platform for Dalian Wanda Commercial Properties Co., Ltd. It is also a wholly-owned subsidiary of Dalian Wanda Commercial Properties Co., Ltd.

Dalian Wanda Commercial Properties Co., Ltd develops, operates and sells integrated properties -- including shopping malls, offices, residential houses, and hotels -- in China. As of 30 June 2013, it had a total land bank of 64.3 million sqm in gross floor area (GFA). At the same time, it had 13.6 million sqm of GFA in completed investment properties and hotels. As of 30 June 2013, the company operated 71 Wanda Plazas and 39 hotels across 50 cities in China.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Kaven Tsang
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Gary Lau
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's assigns Baa3 rating to Wanda's proposed bond
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