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.

The S&P Global logo is displayed on its offices in the financial district in New York City on Dec. 13, 2018. Brendan McDermid/Reuters