More companies have accused China Evergrande Group of failing to pay its bills.

Two companies have filed lawsuits against the real estate developer - sending its credit ratings spiraling.

Huaibei Mining Holdings Co. Ltd., a Shanghai-listed industrial explosives maker, and privately held Peace Tree Wood Ltd., filed lawsuits in China alleging China Evergrande had missed loan payments.

Huaibei filed its lawsuit in Anhui province, demanding China Evergrande pay it 401 million yuan ($62 million) in unpaid fees and damages for breach of contract. Peace Tree alleged China Evergrande missed a 2 million yuan payment.  

The two companies are the latest suppliers to demand payment from the developer. The growing number of complainants has market participant concern over China Evergrande financial health.

"The spate of lawsuits over debt payments faced by Evergrande suggests that the company is now facing liquidity issues. Not every creditor will be willing to go to court for now - but a flurry of lawsuits could trigger a scramble by creditors to protect their interests," DBS Bank in Singapore said.

In June, Shanghai-listed SKSHU Paint Co. Ltd. sued China Evergrande alleging it owed it more than 51 million yuan in overdue bills. The company later said China Evergrande settled its bill.

Credit rating agencies have downgraded China Evergrande. On Thursday, Fitch Rating downgraded the developer's rating from B to CCC as a result of negative developments and weakening market participant confidence.

A CCC rating indicates a "real possibility" of a default, while a B rating indicated a limited margin of safety.

Earlier this week S&P Global Ratings downgraded China Evergrande's ratings from B+ to B- and blamed the the developer's inability to reduce debt "in an orderly manner."

China Evergrande has been struggling with liquidity since last year. According to some reports, China Evergrande's main onshore subsidiary had about $32 billion of commercial bills outstanding as of December - the most out of all mainland real estate developers.