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China sees first dollar bond default in 2020, to trigger cross-defaults

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China's state-owned Qinghai Provincial Investment Group (QPIG), an aluminum maker with a history of delayed debt payments, was downgraded by S&P Global Ratings after it missed semi-annual coupon payment, the first Chinese company to default on dollar bonds this year.

QPIG failed to pay $9.6 million in interest due on a $300 million bond last Friday. On Tuesday, S&P said it had lowered the credit rating of QPIG and . . .

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