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S&P Global downgrades Evergrande to “Selective Default”

On December 17th, according to the media sources, the Evergrande Group was officially declared in default by credit rating agency S&P Global Ratings and downgraded its rating to “selective default” status Source… Visit Original Source…

Translated by: MOS Translation Group – laplace33

On December 17th, according to the media sources, the Evergrande Group was officially declared in default by credit rating agency S&P Global Ratings and  downgraded its rating to “selective default” status after the Group failed to make a debt payment as scheduled earlier this month.

In a statement, S&P Global said that it had assessed that Evergrande and Tianji Holdings Limited, its offshore financier, had failed to pay for the coupon on its outstanding US dollar senior notes and that no information on the payment of the notes had been published by Evergrande, Tianji or their trustee, let alone confirmed to S&P. For this reason, S&P made the decision to downgrade the ratings of Evergrande and Tianji Holdings.

The information shows that “selective default”, is also known as SD, where D is the lowest level of S&P’s global short-term credit rating. Typically, companies rated D by S&P are those that S&P considers to be in very poor financial condition or without the ability to pay off their debts.

(This article represents the views of the author only)

Reference: 标普全球调降恒大至“选择性违约”

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Edited by: Lakers
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