...- We believe the tight liquidity of China Evergrande Group is improving, thanks to its ongoing debt reduction efforts to meet the regulator's unofficial "three red lines" requirements. - We also believe the improvement in Evergrande's capital structure is more sustainable because the developer is likely to use its sizable sales inflow and other funding sources to further trim down short-term maturities, including trust loans. - On April 12, 2021, S&P Global Ratings revised its outlooks on Evergrande, its property development arm, Hengda Real Estate Group Co. Ltd., and its offshore financial platform, Tianji Holding Ltd., to stable from negative. At the same time, we affirmed our 'B+' long-term issuer credit ratings on the three companies and our 'B' long-term issue ratings on the U.S. dollar notes issued by Evergrande and those guaranteed by Tianji. - The stable outlook on Evergrande reflects our view of its strengthening liquidity profile over the next 12 months, given we expect its short-term...
