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.

万达集团(Dalian Wanda)旗下企业的信用评级已被列入负面观察名单。上周，万达出人意料地将大批资产以93亿美元的价格出售给竞争对手——房地产开发商融创中国(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.”

评级机构标准普尔(Standard & Poor's)没有手下留情。该机构表示，万达转让资产（酒店和文旅项目）给销售额造成的损失将“超过减债带来的好处”，而且这一“突然而至的大型交易已给公司的稳定性和知名度造成了损害。”

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.”

标普称这笔交易“意外”，是因为万达近期曾向自身文旅投资组合中添加资产。万达表示，这笔交易旨在降低自己的杠杆，但标普表示它“不确定”这一目标是否能实现，“因为该公司并未承诺将实施减债计划，资本支出可能仍会很大。”

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.

对于这笔交易会给万达将旗下商业地产业务（其核心业务）在内地重新上市的计划带来何种影响，标普也表示了怀疑。去年，万达将旗下商业地产业务从港交所退市，并向支持这次退市的投资者承诺两年内让这块业务重新上市。

“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.

标普表示：“虽然减少房地产资产和借款可以改善其上市条件，但我们不确定如此大规模的资产处置是否会令上市时机复杂化和延后。”

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.

在技术层面上，标普已将信用评级分别为BBB-的万达商业地产(Dalian Wanda Commercial Properties)和BB+的万达香港(Wanda HK)列入评级负面观察名单。信用评级观察问题通常在90天内解决。