HONG KONG—S&P Global Ratings said on Thursday a default is still “highly likely” for China Evergrande Group despite its recent bond coupon payments because it has a bigger test in March and April next year, facing a total of $3.5 billion maturities in dollar bonds.
“ firm has lost the capacity to sell new homes, which means its main business model is effectively defunct. This makes full repayment of its debts unlikely,” S&P Global said in a report.
Pezou : S&P Says It Believes China Evergrande Default Still ‘Highly Likely’