Fitch cuts China Evergrande to 'restricted default' on missed bond payments
Fitch Ratings on Thursday lowered the credit rating on embattled home builder China Evergrande 3333, +4.05% to restricted default from C. The downgrades reflect the non-payment of coupons due Nov. 6 for its Tianji subsidiary of $645 million and $590 million after the grace period lapsed on Dec. 6. Fitch said the company did not respond to its request for confirmation on the coupon payments.
"Failure to make coupon payments within the grace period is consistent with Fitch's definition of an 'RD' rating, as the company has experienced an uncured payment default on a material financial obligation but has not yet entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures, and has not otherwise ceased operating," the rating agency said.
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