標普將萬達商業(yè)地產(chǎn)列入信用評級負面觀察名單

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.

萬達集團(Dalian Wanda)旗下企業(yè)的信用評級已被列入負面觀察名單。上周，萬達出人意料地將大批資產(chǎn)以93億美元的價格出售給競爭對手——房地產(chǎn)開發(fā)商融創(chuàng)中國(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.”

評級機構標準普爾(Standard & Poor's)沒有手下留情。該機構表示，萬達轉(zhuǎn)讓資產(chǎn)(酒店和文旅項目)給銷售額造成的損失將“超過減債帶來的好處”，而且這一“突然而至的大型交易已給公司的穩(wěn)定性和知名度造成了損害。”

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.”

標普稱這筆交易“意外”，是因為萬達近期曾向自身文旅投資組合中添加資產(chǎn)。萬達表示，這筆交易旨在降低自己的杠桿，但標普表示它“不確定”這一目標是否能實現(xiàn)，“因為該公司并未承諾將實施減債計劃，資本支出可能仍會很大。”

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.

對于這筆交易會給萬達將旗下商業(yè)地產(chǎn)業(yè)務(其核心業(yè)務)在內(nèi)地重新上市的計劃帶來何種影響，標普也表示了懷疑。去年，萬達將旗下商業(yè)地產(chǎn)業(yè)務從港交所退市，并向支持這次退市的投資者承諾兩年內(nèi)讓這塊業(yè)務重新上市。

“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.

標普表示：“雖然減少房地產(chǎn)資產(chǎn)和借款可以改善其上市條件，但我們不確定如此大規(guī)模的資產(chǎn)處置是否會令上市時機復雜化和延后。”

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.

在技術層面上，標普已將信用評級分別為BBB-的萬達商業(yè)地產(chǎn)(Dalian Wanda Commercial Properties)和BB+的萬達香港(Wanda HK)列入評級負面觀察名單。信用評級觀察問題通常在90天內(nèi)解決。