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“We assess that China Evergrande Group and its offshore financing arm Tianji Holding Ltd. have failed to make coupon payments for their outstanding U.S.-dollar senior notes,” S&P said in a statement.
S&P added that Evergrande had asked for the ratings to be withdrawn following the downgrades to ‘selective default’ a term ratings firms use to describe a missed payment on a bond, but not necessarily all its bonds.
“Evergrande, Tianji, or the trustee have made no announcement or any confirmation with us on the status of the coupon payments,” S&P said.
