It should have been one of the year's landmark deals.
When property company China Evergrande announced an exchange offering for most of its short-dated debt on June 8, its actions were widely applauded.
Credit analysts and the ratings agencies all underscored the range of measures the company had been taking to improve its liquidity position and extend the maturity profile of its debt.
Standard Poor's said it did not consider Evergrande's prospective $3.2 billion transaction a distressed exchange and assigned the new money bond issue accompanying it a B- rating.
Only one month earlier, SP had rated...