EGRNF - China Evergrande offshore financing arm declared in default by S&P

S&P Global Ratings downgrades China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) and its offshore financing arm, Tianji Holding, to "selective default," the second ratings firm to do so after the property developer failed to make coupon payments on its dollar debt earlier this month. While Evergrande and Tianji haven't confirmed with S&P the status of the coupon payments, media reports from reputable outlets point to nonpayment of the Tianji coupons, "and we assess these reports as convincing," S&P said. Furthermore, S&P doesn't believe it's possible that the Evergrande coupons could be paid if the coupons on the Tianji debt were missed. On Oct. 31, 2021, coupons of $14M were due on private placement bonds issued by Evergrande (OTCPK:EGRNF), and on Nov. 6, coupons for $83M were due on U.S. dollar bonds guaranteed by Tianji. They each had 30-day grace periods. China's government appears unwilling to step in to support the debt laden real

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China Evergrande, offshore financing arm declared in default by S&P