Fitch downgrades China Evergrande Group, units to ‘restricted default’

Dec 9 (Reuters) – Fitch Ratings said on Thursday it had downgraded homebuilder China Evergrande Group and its subsidiaries, Hengda Real Estate Group Co, Ltd and Tianji Holding Ltd to ‘RD’ (Restricted Default), from ‘C’.

The downgrade reflects the non-payment of coupons due on Nov. 6 for Tianji’s $645 million 13% bonds and $590 million 13.75% bonds after the grace period lapsed on Dec.6, the ratings agency said in a statement. (Reporting by Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich)

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