Fitch-slapped
Chinese property-developer, Evergrande, has missed a crucial repayment deadline.
That prompted Fitch, an agency that rates companies' financial risk, to declare Evergrande in default. The crisis has spooked investors who fear contagion across China's property and banking sectors. Evergrande had been due to repay interest on about $1.2bn of international loans on Monday. But by Wednesday the money had still not been transferred. On Thursday, Fitch, one the world's biggest credit rating agencies, declared Evergrande in default, a move that could hamper the company's restructuring talks with investors.
I'm no financial guru but, reading between the lines, I wouldn't be at all surprised if a credit rating agency declared the company to be in default. Just a hunch.