International Desk December 09, 2021: China Evergrande Group has officially been labeled a defaulter for the first time, the latest milestone in months-long financial drama that paves the way for a massive restructuring of the world’s most indebted developer.
Fitch Ratings cut the developer to restricted default over its failure to meet two coupon payments after a grace period expired on Monday, according to a statement. The credit assessor said the developer didn’t respond to request for confirmation on the payment, and is assuming it wasn’t made. The downgrade may trigger cross defaults on Evergrande’s $19.2 billion of dollar debt.
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