Fitch downgrades China Evergrande, flags ‘probable’ default ...Qatar

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Fitch downgrades China Evergrande, flags ‘probable’ default
Fitch Ratings cut the ratings of China Evergrande Group and two of its subsidiaries on Wednesday, the latest in a series of downgrades targeting the property firm over its struggles to restructure huge debts. Regulators have warned that Evergrande’s 1.97tn yuan ($304.79bn) of liabilities could spark broader risks to the country’s financial system if not stabilised. Fitch said in a statement that it had downgraded the long-term foreign-currency issuer default ratings of Evergrande and subsidiaries Hengda Real Estate Group Co and Tianji Holding Ltd to CC from CCC+. Fitch defines a CC rating as indicating “very high levels” of credit risk. Fitch also downgraded the senior unsecured ratings of

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