and two of its subsidiaries on Wednesday, September 8, the latest in a series of downgrades targeting the property firm over its struggles to restructure huge debts.
Fitch also downgraded the senior unsecured ratings of Evergrande and Tianji, as well as the rating on Tianji-guaranteed senior unsecured notes issued by Scenery Journey Limited to C from CCC. While Evergrande does not have any bonds maturing in 2021, Fitch estimated that it faces bond interest payments of $129 million in September alone and $850 million before the end of the year.
In the latest indication of the company's funding challenges, financial information provider REDD reported on Wednesday that the company would suspend interest payments due on loans to two banks on September 21, citing sources briefed by banks.
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