HONG KONG : Rating agency Fitch said that numerous sectors could be exposed to heightened credit risk if China's No.2 property developer Evergrande Group were to default, although the overall impact on the banking sector would be manageable.'We believe a default would reinforce credit polarisation among h
HONG KONG : Rating agency Fitch said that numerous sectors could be exposed to heightened credit risk if China's No.2 property developer Evergrande Group were to default, although the overall impact on the banking sector would be manageable.
Fitch downgraded China Evergrande Group to"CC" from"CCC+" on Sep. 7, indicating that it viewed a default of some kind as probable. Fitch said 572 billion yuan of Evergrande's borrowings were held by banks and other financial institutions, but banks may also have indirect exposure to the developer's suppliers, who are owed 667 billion yuan for goods and services.
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