Chinese real estate behemoth Evergrande was declared in default on Thursday by Fitch Ratings agency, citing the debt-laden property developer's failure to pay more than $1.2 billion in bond repayments.
"The non-payment is consistent with an 'RD' (restricted default) rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation," Fitch said in a statement.
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(Published 09 December 2021, 09:27 IST)