Fitch Ratings cut the ratings of China Evergrande Group (3333.HK) and two of its subsidiaries on Wednesday, the latest in a series of downgrades targeting the property firm due to worries over its ability to restructure its huge debts.
, and cautioned there was "significant execution risk" surrounding their disposal. It said that raised the possibility of default on offshore bond interest payments.
The company has also been struggling with payments to suppliers. On Tuesday, a stock exchange filing showed that Evergrande had outstanding liabilities worth 562 million yuan to a supplier, Skshu Paint Co LtdEvergrande's failure to pay some commercial paper on time in June triggered a sell-off in its shares and bonds, and a growing number of suppliers have filed lawsuits to recover overdue payments.
Its offshore bonds rose, with data provider Duration Finance showing the mid price on its June 2025 bond up by about a cent at 27.48.
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