On Wednesday, credit rating agency Fitch said it had lowered its long-term credit rating on Chinese property developer Evergrande and its subsidiaries Hengda and Tianji.

From CC to C, the cut reflects suspicions that Evergrande has missed interest payments on unsecured bonds, Fitch said.

This would mean that a grace period of 30 days has started. After that, non-payment leads to a case of default.