Market Watchers Warns of China Property Giant Evergrande’s Debt Crisis Again

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From Epoch Times:
Rating agencies, citing default risk, have further downgraded China’s housing giant Evergrande after the company disclosed the extent of its financial problems. Experts have warned of impacts on the country’s broader property industry and banks. Rating agency S&P further downgraded Evergrande to “CC” from “CCC,” with a negative outlook on Sept. 15, citing reduced liquidity and default risks including the possibility of debt restructuring. The downgrade comes two days after Evergrande released a statement saying the growing bankruptcy allegations “are completely untrue,” although it has “indeed encountered unprecedented difficulties at present.” Another rating agency, Fitch, published comments on Sept. 14 that the company’s default could expose numerous sectors to heightened credit risk. However, the overall impact on the banking sector would be manageable, it said. Fitch downgraded the company’s rating to “CC” from “CCC+” on Sept. 7. On Sept. 14, the highly indebted property group admitted in a statement to the Hong …
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