S&P puts Evergrande Real Estate on watch

Standard & Poor's said it placed its BB long-term corporate credit rating and cnBBB- long-term Greater China regional scale rating on Evergrande Real Estate Group Ltd. on CreditWatch with negative implications.

S&P also placed the BB- long-term issue rating and cnBB+ long-term Greater China regional scale rating on the company's outstanding senior unsecured notes on CreditWatch with negative implications.

"We placed the ratings on CreditWatch because Evergrande's financial strength will likely weaken more than we earlier expected under our base-case scenario for the rating," said S&P credit analyst Matthew Kong in a news release. "The likely deterioration follows the company's recent acquisition of shares in China's Huaxia Bank and large land acquisitions in recent months."

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