Two major credit rating agencies have downgraded the long-term debt of the world’s most indebted property developer, China Evergrande, saying the company faces a “high default risk”.Fitch Ratings said on Wednesday that it cut its long-term foreign-currency issuer default ratings for the Shenzhen-based home builder and its subsidiaries to “CC”, which is four levels below what is considered investment-grade debt. It is the third time Fitch has downgraded Evergrande since June 22.“The downgrade…
Source : South China Morning Post
Read more…Fitch says ‘some kind of default appears probable’ at China Evergrande, cuts debt rating along with Moody’s
