标普将万达商业地产列入信用评级负面观察名单
Units of Dalian Wanda have been put on watch for a possible credit rating downgrade following last week’s surprise mega-sale of $9.3bn in assets to rival developer Sunac. Ratings agency Standard & Poor’s did not pull its punches. The agency said the sales lost by transferring the assets – hotels and tourism properties – would “more than offset the benefits of debt reduction” and that the “abrupt and large transaction has undermined the company’s stability and visibility.” S&P described the sale as “unexpected” given that the company had recently added assets to its tourism portfolio. Wanda said the deal was designed to cut its leverage, but the ratings agency said it was “uncertain” whether that would happen “given that the company has not committed to a debt-reduction plan, and capital spending may still be significant.” The agency also questioned what the sale would do to Wanda’s plans to relist its commercial property unit – the heart of its business – in the mainland. Last year, it took the unit private from the Hong Kong Exchange but committed to investors backing the deal that it would relist within two years. “While a reduction in property assets and borrowings could improve its listing status, we are unsure if such a sizeable asset disposal may complicate and delay the listing timing,” said S&P. In technical terms, S&P has put negative creditwatch notices on Dalian Wanda Commercial Properties, rated BBB-minus, and Wanda HK, rated BB-minus. Creditwatch issues are usually resolved within 90 days. |