Bonds of Ezdan Holding Group slumped after S&P Global Ratings said Qatar’s biggest property developer faces the risk of a default or debt restructuring.
S&P cut Ezdan’s rating to CCC from B- with a negative outlook, reflecting narrowing liquidity and high debt balances, which it said could lead to a distressed exchange, debt restructuring or default over the next 3-12 months.
Ezdan didn’t immediately respond to emails seeking comment. The company’s dollar bonds due in May slid by 5.6 cents to 92.29 cents on the dollar, the biggest decline in 10 months.
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