Moody's downgrades China Evergrande and subsidiaries' ratings, outlook negative

  • 9/7/2021
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SHANGHAI, Sept 7 (Reuters) - Moody’s Investors Service said on Tuesday that it had downgraded the corporate family rating (CFR) of China Evergrande Group and its subsidiaries, with a negative outlook. In a statement, Moody’s said it had downgraded Evergrande’s CFR to to Ca from Caa1, and cut the company’s senior unsecured ratings to C from Caa2. The agency also cut Hengda Real Estate Group’s CFR to Ca from Caa1 and the CFR of Tianji Holding Ltd to C from Caa2. Moody’s also cut the backed senior unsecured ratings of Scenery Journey Ltd to C from Caa2, the statement said. (Reporting by Andrew Galbraith, editing by Louise Heavens) Our Standards: The Thomson Reuters Trust Principles.

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