Fitch downgrades Evergrande to restricted default status

clock • 4 min read
Fitch downgrades Evergrande to restricted default status

Fitch Ratings has downgraded Chinese homebuilder China Evergrande Group to 'Restricted Default' (RD) status due to non-payment of offshore bond dues. The revised rating from 'C', the Long-Term Foreign-Currency Issuer Default Ratings (IDR) covers Evergrande Group and its subsidiaries, Hengda Real Estate Group  and Tianji Holding. Fitch affirmed the senior unsecured ratings of Evergrande and Tianji at 'C', with a Recovery Rating of 'RR6', as well as the Tianji-guaranteed senior unsecured ...

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