Evergrande declared in default by S&P for failed coupon payments

China Evergrande Group was labeled a defaulter by S&P Global Ratings, the second credit-risk assessor to do so.

S&P Global cut Evergrande to “selective default” over its failure to make coupon payments by the end of a grace period earlier this month, a move that may trigger cross defaults on the developer’s $19.2 billion of dollar debt. S&P Global also withdrew its ratings on the group at Evergrande’s request.

Fitch Ratings was the first to declare the property developer in default on Dec. 9. Long considered by many investors as too big to fail, Evergrande has become the largest casualty of Chinese