S&P down­grades Wanda unit

Global Times - - Biz Overview -

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.

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