Evergrande Debt Woes Deepen With Fitch Downgrade, Wary Banks
- Some lenders have decided not to roll over maturing debt
- Evergrande denies banks are curbing its access to funding
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Concerns about China Evergrande Group’s financial health are mounting as the developer struggles to convince banks and ratings companies it can execute on an ambitious deleveraging plan.
Bonds of the world’s most indebted real estate company slumped on Tuesday after Bloomberg reported several large Chinese banks are restricting credit to the firm and Fitch Ratings downgraded it deeper into junk territory.