S&P Joins Major Credit Raters in Declaring China Evergrande in Default – The Wall Street Journal

S&P Global Ratings downgraded China Evergrande Group to one of its lowest possible ratings, a cut that means the world’s three largest credit-rating firms all now judge the giant developer to be in default.

Evergrande didn’t pay $82.5 million of interest payments originally due Nov. 6 on two sets of dollar bonds by the end of a 30-day grace period earlier this month, potentially setting the stage for a massive default and debt restructuring.

Leave a comment

Your email address will not be published. Required fields are marked *