Fitch Cuts Russia’s Rating to Junk, Says Default is ‘Imminent’

Fitch has downgraded Russia’s sovereign bonds by six notches to “C” from “B”, saying that a debt default is “imminent”. The rating agency had already slashed Russia’s rating to a “junk” status of “B” on March 2, but said that …

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Fitch Downgrades Evergrande Group, Units to ‘Restricted Default’

Fitch Ratings announced on Thursday that it downgraded China Evergrande Group and its subsidiaries to “restricted default” after the heavily indebted developer had missed an important interest payment this week. Evergrande, whose debts exceed $300 billion, missed a deadline on …

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Evergrande Braces for Debt Restructuring

China Evergrande Group had signaled that it is already planning to negotiate a debt restructuring with offshore creditors as it faces another potential default on Monday. Evergrande said in a filing on Friday that it plans to “actively engage with …

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Archegos Liquidation Impacts Financial Markets, Stocks Tumbling

U.S. stock markets tumbled yesterday following news that Bill Hwang’s Archegos Capital Management was liquidating $30 billion in assets to cover a margin call that went south. The large sell-off was triggered by Archegos’ positions in something called a contract-for-difference, …

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