Fitch: Evergrande's Leverage Still High; Remains Rating Constraint

April 2, 2015 9:05 AM

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(The following statement was released by the rating agency) HONG KONG, April 02 (Fitch) Fitch Ratings says that Chinese homebuilder Evergrande Real Estate Group Limited's (Evergrande) leverage at end-2014 remained high, and continues to be a key constraint on its Long-Term Foreign-Currency Issuer Default Rating (IDR) and foreign-currency senior unsecured rating of 'BB-'.

The Negative Outlook placed on the IDR since September 2014 reflects the very narrow gap between its credit metrics and the levels that may trigger negative rating action and the uncertainties with Evergrande's financial discipline. Evergrande's net debt/adjusted leverage remained high at 53% at end...

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