With no confirmation that Evergrande made interest payments in time, Fitch Ratings declared the Chinese developer in 'restricted default' on Thursday.
S&P Global Ratings did not have a statement as of Friday afternoon, and referred CNBC to its report Tuesday that said "default looks inevitable for Evergrande." Moody's, another ratings agency, did not respond to a request for comment.Fitch's proclamation of default is based on the firm's assumption that two interest payments were not paid before the grace period ended Monday, the ratings agency said.
On Dec. 3, Hong Kong-listed Evergrande warned in a filing it could not guarantee it could meet its financial obligations and planned to "actively engage with offshore creditors" about debt restructuring. The company said it received a demand from creditors to pay about $260 million. Later that day, the local government in Guangdong province, where the developer is headquartered, said itPeople's Bank of China head Yi Gang said in a speech Thursday that"Our view on the Evergrande situation is that ultimately, that's an extremely healthy development, because there needs to be a ...
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