China Evergrande’s Rating Downgraded Deeper Into Junk Territory
The China Evergrande Group logo is displayed in front of the China Evergrande Centre in Hong Kong, China, on Friday, Sept. 25, 2020. China Evergrande Group is facing a crisis of confidence among creditors who've lent the world's most indebted developer more than $120 billion. Photographer: Chan Long Hei/Bloomberg
, Bloomberg
Rebecca Choong Wilkins, Bloomberg News
(Bloomberg) -- China Evergrande Group’s credit rating has been cut one notch to B by Fitch Ratings.
The credit risk assessor also downgrade the borrower’s subsidiaries Hengda Real Estate Group Co. and Tianji Holding Ltd. The move reflects “ongoing pressure for Evergrande to downsize its business and reduce total debt,” Fitch analysts wrote in a Tuesday report.
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