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S&P dumps Chinese property giant Evergrande into default -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The China Evergrande logo can be seen in Hong Kong at the China Evergrande Centre on December 7, 2021. REUTERS/Tyrone Siu/File Photograph

LONDON (Reuters) – The poster child of China’s property crisis China Evergrande Group was officially declared in default by credit rating agency S&P Global (NYSE:) on Friday after the sprawling firm missed a bond payment earlier this month.

“We assess that China Evergrande Group and its offshore financing arm Tianji Holding Ltd. have failed to make coupon payments for their outstanding U.S.-dollar senior notes,” S&P said in a statement.

S&P added that Evergrande had asked for the ratings to be withdrawn following the downgrades to ‘selective default’ a term ratings firms use to describe a missed payment on a bond, but not necessarily all its bonds.

“Evergrande, Tianji, or the trustee have made no announcement or any confirmation with us on the status of the coupon payments,” S&P said.

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