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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
A banner displays a message marking the centenary of the Chinese Community Party and the anniversary of Hong Kong's return to Chinese rule atop the China Evergrande Center building in Hong Kong.

A banner displays a message marking the centenary of the Chinese Community Party and the anniversary of Hong Kong's return to Chinese rule atop the China Evergrande Center building in Hong Kong.

Photographer: Lam Yik/Bloomberg
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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.