Loading ...“Default Appears Probable”: Evergrande Drops Below 2009 IPO Price After Fitch Triple Downgrade To Near Default
One of these days, someone will finally put China’s largest and most indebted property developer, Evergrande – which has been teetering on the verge of insolvency for months – out of its misery. While that day is not here yet, Fitch just hammered another nail in the coffin of “China’s Lehman” with a 3-notch downgrade which saw the company’s long-term foreign currency issuer rating drop from CCC+ to CC (D is just one letter away), and which saw the rating agency say that “default of some kind appears probable” as the company struggles to address its worsening liquidity issues.