Fitch downgrades China Evergrande Group, units to 'restricted default'

[BENGALURU] Fitch Ratings said on Thursday (Dec 9) it had downgraded homebuilder China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co and Tianji Holding to "RD" (Restricted Default), from "C".

The downgrade reflects the non-payment of coupons due on Nov 6 for Tianji's US$645 million 13 per cent bonds and US$590 million 13.75 per cent bonds after the grace period lapsed on Dec 6, the ratings agency said in a statement.

REUTERS