Fitch lowers Evergrande, notes

Fitch Ratings said it downgraded the long-term foreign-currency issuer default rating of Evergrande Real Estate Group Ltd. to B+ from BB-; the outlook is negative.

Evergrande's senior unsecured rating and the rating on its outstanding $300 million senior notes were downgraded to B- from BB- with a recovery rating of RR6.

Fitch said the downgrade is due to Evergrande's persistently high leverage, which leaves it with limited financial flexibility to face potential headwinds in the domestic property or credit markets.

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