...- China Evergrande Group's liquidity profile is weakening as the company increases its short-term obligations, which is contrary to the gradual improvement we anticipated. - The company's stagnant contracted sales growth and price promotions will also slow revenue growth and compress margins, weighing on its EBITDA and debt leverage. - On Sept. 4, 2019, we revised the outlook on Evergrande, Hengda Real Estate Group Co. Ltd., and Tianji Holding Ltd. to stable from positive as we no longer believe Evergrande or Hengda will make marked progress on improving its liquidity and capital structure over the next 12 months. At the same time, we affirmed the 'B+' long-term issuer credit ratings on the three companies. - The stable outlook on Evergrande reflects our view that it will exercise some control over its debt growth amid the current sales and liquidity conditions, such that its leverage can maintain at around 6x debt-to-EBITDA over the next 12-18 months and liquidity will not deteriorate...
