Fitch Ratings lowered the long-term foreign currency issuer default ratings on Dalian Wanda Commercial Management Group and Wanda Commercial Properties (Hong Kong) to C from CC, according to a Thursday release.
The action comes as the group said it has received consent from eligible bondholders to amend the terms of a $400 million bond maturing Jan. 20, 2025 and waive potential events of default.
The amendments will be executed and delivered by Dec. 20, Fitch said.
The rating agency considers the proposed amendments as a distressed debt exchange under its criteria.
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