HONG KONG -- China Evergrande Group, the world's most indebted property developer, saw its credit rating cut for the second time in as many days on Wednesday as concerns mount that its liquidity crisis will lead to debt default.
Fitch Ratings cut its score for the developer to CC, just two notches above default. The move came just a day after Moody's Investors Service slashed its rating for the company by three notches to Ca, which implies it is "likely in or very near default." S&P on Aug. 5 dropped its rating by two levels to CCC, a slightly more favorable rating than the other two agencies.
