Evergrande Declared in Default by S&P for Failed Coupon Payments

(Bloomberg) — China Evergrande Group was labeled a defaulter by S&P Global Ratings, the second credit-risk assessor to do so.

S&P Global cut Evergrande to “selective default” over its failure to make coupon payments by the end of a grace period earlier this month, a move that may trigger cross-defaults on the developer’s $19.2 billion of dollar debt. S&P Global also withdrew its ratings on the group at Evergrande’s request.