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S&P says it believes China Evergrande default still ‘highly likely’ -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo

HONG KONG (Reuters) – S&P Global (NYSE:) Ratings said on Thursday a default is still “highly likely” for China Evergrande Group despite its recent bond coupon payments because it has a bigger test in March and April next year, facing a total of $3.5 billion maturities in dollar bonds.

The firm is no longer able to sell homes and its primary business model has been effectively dissolved. This makes full repayment of its debts unlikely,” S&P Global said in a report.

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