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China debt crunch

Credit rating agencies take the axe to China Evergrande

Fitch and Moody's now rate the world's most indebted developer very close to default levels

China Evergrande Group is a bellwether for the country's leveraged property sector.   © Reuters

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.

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