S&P Global Ratings downgraded China Evergrande Group to one of its lowest possible ratings, a cut that means the world’s three largest credit-rating firms all now judge the giant developer to be in default.
Evergrande didn’t pay $82.5 million of interest payments originally due Nov. 6 on two sets of dollar bonds by the end of a 30-day grace period earlier this month, potentially setting the stage for a massive default and debt restructuring.
