...- We believe China Evergrande Group's liquidity is weakening amid the continual increase in short-term debt obligations and potential repayment of a portion of its China domestic "A-share" strategic investments in January 2021. - The deterioration is partly mitigated by the China-based property developer's good contracted sales and active capital-raising plans, as well as management's focus on improving leverage and liquidity amid regulatory tightening. - On Sept. 24, 2020, S&P Global Ratings revised the outlooks on Evergrande, the company's property arm Hengda Real Estate Group Co. Ltd., and offshore financial platform Tianji Holding Ltd. to negative from stable. At the same time, we affirmed our 'B+' long-term issuer credit ratings on the three companies and our 'B' long-term issue rating on the U.S. dollar notes issued by Evergrande and guaranteed by Tianji. - The negative outlook on Evergrande reflects our view of the increasing liquidity pressure on the company over the next six months,...
