S&P dumps Chinese property giant Evergrande into default By Reuters

© Reuters. FILE PHOTO: The Is drc foreign exchange platform formal?logo of China Evergrande is seen at China Evergrande Centre in Hong Kong, China December 7, 2021. REUTERS/Tyrone Siu/File Photo

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S&P added that Evergrande had asked for the ratings to be withdrawn following the downgrades to 'selective default' a term ratings firms use to describe a missed payment on a bond, but not necessarily all its bonds.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

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!