S&P says Beijing unlikely to step in as Evergrande steps closer to default
After stock markets across the world posted their worst day in months yesterday, financial analysts have scrambled to get an idea on whether a major source of the woe, China’s second-largest property developer the Evergrande Group, will be left to fend off its massive debts alone or if it will receive a bailout from the Beijing government. Today, they received some semblance of an answer.
S&P Global Ratings, one of the top three credit-rating agencies, issued a report today signaling that the property developer will likely be forced to find its own way to make payments on its $89 billion worth of loans or file bankruptcy.
“We do not expect the government to provide any direct support to Evergrande,” S&P credit analysts wrote in its Monday report. “We believe Beijing would only be compelled to step in if there is a far-reaching contagion causing multiple major developers to fail and posing systemic risks to the economy.”
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