Fitch Lowers Evergrande Rating on Likely Missed Interest Payment

Residential buildings under construction are seen at Evergrande Cultural Tourism City, a project developed by China Evergrande Group, in Suzhou's Taicang, Jiangsu Province, China, on Sept. 23, 2021. Aly Song/Reuters

Rating agency Fitch has downgraded cash-strapped Chinese property giant Evergrande from CC, or a very high level of credit risk, to C, or near default.

Fitch said in a Sept. 28 rating action announcement it had downgraded both Evergrande and its subsidiaries Hengda and Tianji, due to a likely missed bond coupon payment.