S&P revises Evergrande view to stable

S&P said it revised the outlooks on China Evergrande Group, its subsidiary Hengda Real Estate Group Co. Ltd., and its offshore financial platform, Tianji Holding Ltd. to stable from negative.

“We revised the outlooks on Evergrande and the two group entities to stable because we believe tight liquidity is improving. We expect Evergrande to continue to focus on using ample cash inflow from sales and capital raised via various means to reduce debt. Its short-term debt, including trust financing, should continue to decline accordingly, and we see this as the key to the sustainable improvement of its capital structure,” S&P said in a press release.

The agency affirmed the three companies’ B+ issuer ratings and the B rating on the dollar-denominated notes issued by Evergrande and those guaranteed by Tianji.

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