China Evergrande Cut by Moody’s Despite Debt Progress
Moody’s also put Evergrande under review for further downgrade
Move follows downgrade by Fitch, watchlist review by Chengxin
China Evergrande Group’s credit rating was cut by Moody’s Investors Service, the second downgrade by a global ratings company in less than two weeks.
Moody’s lowered the grade by one notch to B2, it said in a statement Wednesday evening. “Although Evergrande has been reducing its debt to improve its financial stability, the company still faces sizeable maturing debt and puttable bonds over the next 12-18 months,” Moody’s said.