China Evergrande downgraded to C from CC– Fitch Ratings

Dhwani Mehta FXStreet

In another blow to the investors’ sentiment, the US-based Fitch Ratings downgraded the Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding Limited to C from CC.

“The downgrades reflect that Evergrande is likely to have missed interest payment on its senior unsecured notes and entered the consequent 30-day grace period before non-payment constitutes an event of default,” Fitch Ratings cited.

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Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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