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Dalian Wanda Commercial Management Group (Wanda Commercial) and Wanda Commercial Properties (Hong Kong) were downgraded to C from CC by Fitch. They also downgraded the ratings on the dollar bonds guaranteed by Wanda HK and issued by Wanda Commercial’s subsidiaries to C from CC. The downgrade comes on the back of Wanda’s proposed extension of its 7.25% 2024s, that was reported yesterday. According to Fitch, the proposed amendments fall under its Distressed Debt Exchange (DDE) criteria. Fitch added that it would further downgrade the rating to RD (Restricted Default) if the proposed consent solicitation was successful.
Its 7.25% 2024s were trading slightly weaker to 52 cents on the dollar.