Moody's downgrades China Evergrande and subsidiaries' ratings, outlook negative

Moody's Investors Service said on Tuesday that it had downgraded the corporate family rating (CFR) of China Evergrande Group and its subsidiaries, with a negative outlook.

In a statement, Moody's said it had downgraded Evergrande's CFR to Ca from Caa1, and cut the company's senior unsecured ratings to C from Caa2. The agency also cut Hengda Real Estate Group's CFR to Ca from Caa1 and the CFR of Tianji Holding Ltd to C from Caa2.

Moody's also cut the backed senior unsecured ratings of Scenery Journey Ltd to C from Caa2, the statement said.