BRIEF-Moody's Says Evergrande's Lax Covenants Worsen Offshore Bondholders' Woes

* MOODY'S -- EVERGRANDE'S LAX COVENANTS WORSEN OFFSHORE BONDHOLDERS' WOES

* MOODY'S- COVENANT PROTECTIONS OF EVERGRANDE'S BONDS AGAINST KNOWN STRUCTURAL SUBORDINATION RISK HAVE LOOSENED OR BEEN ELIMINATED TO THE DETRIMENT OF OFFSHORE BONDHOLDERS * MOODY'S SAYS EVERGRANDE'S WEAKENED COVENANTS HAVE ENDANGERED DEBT SERVICING AND FURTHER SUBORDINATED OFFSHORE BONDS Further company coverage: