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SHANGHAI (Reuters) – S&P Global (NYSE:SPGI) has downgraded the ratings of heavily indebted developer China Evergrande Group and its subsidiaries, citing an escalating risk of non-payment of debt.
S&P downgraded Evergrande and subsidiaries Hengda Real Estate Group Co Ltd and Tianji Holding Ltd to “CCC” from “B-” and lowered the long-term issue rating on U.S. dollar notes issued by Evergrande and guaranteed by Tianji to “CCC-” from “CCC+”, the agency said in a statement on Thursday evening.
