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S&P plunges Chinese real estate giant Evergrande into default

The logo of China Evergrande is seen at the China Evergrande Center in Hong Kong
FILE PHOTO: The logo of China Evergrande is seen at the China Evergrande Center in Hong Kong, China December 7, 2021. REUTERS / Tyrone Siu / File Photo

December 17, 2021

LONDON (Reuters) – Descendants of China’s asset crisis China Evergrande Group was officially declared insolvent on Friday by credit rating agency S&P Global after it missed a loan. bond payments earlier this month.

“We assess that China’s Evergrande Group and its foreign financial arm Tianji Holding Ltd.

S&P added that Evergrande requested the rating to be withdrawn after it was downgraded to ‘selective default’, a term that rating firms use to describe a missed payment on a bond. bonds, but not necessarily all of their bonds.

“Evergrande, Tianji, or a trustee made no notice or confirmation to us regarding the status of coupon payments,” said S&P.

(Reporting by Marc Jones, edited by Karin Strohecker)

https://www.oann.com/sp-dumps-chinese-property-giant-evergrande-into-default/?utm_source=rss&utm_medium=rss&utm_campaign=sp-dumps-chinese-property-giant-evergrande-into-default S&P plunges Chinese real estate giant Evergrande into default

Bobby Allyn

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