China Evergrande downgraded to C from CC– Fitch Ratings

In another blow to the investors’ sentiment, the US-based Fitch Ratings downgraded the Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co., Ltd and Tianji Holding Limited to C from CC.

“The downgrades reflect that Evergrande is likely to have missed interest payment on its senior unsecured notes and entered the consequent 30-day grace period before non-payment constitutes an event of default,” Fitch Ratings cited.

more to come ..