Fitch downgrades Evergrande to restricted default status

Mark Battersby
clock • 4 min read

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 notes issued by Scenery Journey Limited at 'C', with a Recovery Rating of 'RR6'. The downgrades r...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?