...- China Evergrande Group's liquidity profile remains suboptimal and less than adequate, but risks should be manageable given the offshore refinancing completed earlier this year and management's efforts to reduce short-term debt. - We expect the China-based property developer to generate good sales, at the expense of margin if needed, to maintain sustainable cash inflow to support its liquidity and leverage with operating profit. - On April 29, 2020, S&P Global Ratings affirmed its 'B+' long-term issuer credit ratings on Evergrande, the company's property arm Hengda Real Estate Group Co. Ltd. Ltd., and offshore financial platform, Tianji Holding Ltd. At the same time, we affirmed our 'B' issue rating on the U.S.-dollar notes issued or guaranteed by Evergrande and Tianji. - The stable outlook on Evergrande reflects our view that the company will manage its cash flow by achieving good sales and controlling spending amid the current economic downturn, such that its debt-to-EBITDA ratio remains...
