HONG KONG—S&P Global Ratings said on Thursday a default is still “highly likely” for China Evergrande Group despite its recent bond coupon payments because it has a bigger test in March and April next year, facing a total of $3.5 billion maturities in dollar bonds.
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“The firm has lost the capacity to sell new homes, which means its main business model is effectively defunct. This makes full repayment of its debts unlikely,” S&P Global said in a report.