The Chinese real estate giant Evergrande, with more than NOK 2.6 trillion in debt, has for the first time defaulted on a loan in foreign currency.
Evergrande was given an RD (restricted default rating) rating by credit rating agency Fitch on Thursday, citing that the debt-ridden company has not paid more than $ 1.2 billion in debt bonds.
RD-ratingen is the second lowest ahead of the D-rating, which means that Fitch believes the company is bankrupt. According to AFP and several financial media, this is the first time Evergrande has been reported to have defaulted on a loan.
It privately owned The Chinese company has been on the verge of bankruptcy in recent months, with a debt of a formidable $ 300 billion. The debt crisis has shaken the market throughout the autumn and created fears that the entire Chinese economy could be destabilized.