S&P downgrades Wanda unit
S&P Global downgraded the credit rating on Thursday for Dalian Wanda Commercial Properties (DWCP), the listed unit of Dalian Wanda Group, citing uncertainties over Wanda’s business model and access to funds.
S&P revised DWCP’s credit rating from BBB- to BB, according to the rating agency .
After Wanda abruptly sold the bulk of its property development projects and its entire hotel portfolio in July, the developer’s position in the property market was undermined, said the statement. Also, the real estate giant has not shown “strategic clarity and predictability” in its business, leading to potential risks.