Moody's Rating

Moody's Ratings on Wednesday said it has upgraded Tata Motors Ltd's corporate family rating by two notches to Ba1 from Ba3 citing sound governance practices, particularly the company's creditor-friendly financial policies, track record and management prudence. The ratings agency also said it has upgraded Tata Motors Ltd's (TML) senior unsecured instruments' ratings to Ba1 from Ba3. As per Moody's obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk. Moody's said in a statement that it has also maintained the positive outlook on all ratings. "TML's two-notch rating upgrade with a positive outlook follows the company's sustained track record in achieving revenue growth, improving profitability and reducing debt using its large free cash flow despite its elevated capital expenditure to refresh its products," Moody's Ratings Senior Vice President Kaustubh Chaubal said. The latest rating action considers the impact of TML's sound ...

Moody's Ratings on Thursday said capital requirements will remain high for Indian corporates as they go in for capacity expansion and inorganic growth spending. Moody's estimates that 16 of the 23 rated companies will require USD 70-100 billion of funding annually in the next two years for growth spending, refinancing requirements and shareholder payments. While improving domestic liquidity and companies' internal cash flows can cover a large portion of their capital needs, offshore funding will remain an important funding channel, it said. "Capacity expansion, inorganic growth spending, refinancing and working capital needs, along with shareholder payments, will keep capital requirements high for nonfinancial corporates in India," Moody's Ratings said in a statement. It said capital spending by non-financial corporates will remain high as they expand their capacities to cater to the strong consumption growth expected in the country, at a time when their capacity utilization is ...

Moody's Analytics reported that India's output is currently 4% below what it would have been without the impact of the Covid-19 pandemic

Moody's cautioned that a continued increase in the debt burden could weaken India's fiscal strength and put downward pressure on the rating

Rating agency Moody's on Wednesday said it has affirmed Tata Motors' Ba3 corporate family rating while maintaining a positive outlook on all ratings. Concurrently, Moody's has also affirmed Tata Motors Ltd's (TML) Ba3 senior unsecured instrument ratings, Moody's Investors Service said in a statement. As per Moody's obligations rated 'Ba' are judged to have speculative elements and are subject to substantial credit risk with the modifier 3 indicating a ranking in the lower end of that generic rating category. "Moody's has also maintained a positive outlook on all ratings," it added. The rating affirmation follows TML's announcement earlier this week that its board of directors have agreed in principle the demerger of its operations into two separate listed companies for commercial vehicles (CVs) and passenger vehicles (PVs), respectively, subject to shareholder and regulatory approvals, it said. "While the demerger would result in TML's remaining operations comprising only CVs, the

Morgan Stanley Research's report said the GDP growth for the quarter ended June came higher than its expectations

Moody's expects India's economic growth to outpace all other G20 economies through at least the next two years, driven by domestic demand

"Collectively, these three developments have lowered the credit profile of a number of US banks, though not all banks equally," it wrote in some of the assessments

The one-notch downgrade of APE's and APSEP's debt ratings has been driven by governance issues related to internal controls and compliance

Moody's Investors Service on Friday said it has affirmed Yes Bank's ratings on the back of expectation that its financial performance will remain stable over the next 12-18 months. The long-term foreign and local currency bank deposit ratings and foreign currency issuer rating has been affirmed at 'Ba3', with a stable outlook. "The rating affirmation and stable outlook is driven by the improvement in India's macro profile to 'moderate+' from 'moderate', along with Moody's expectation that Yes Bank's financial performance will remain stable over the next 12-18 months," Moody's said in a statement. The agency expects Yes Bank's asset quality to be stable as the bulk of its legacy problem assets have been resolved, while India's good economic momentum will support the performance of its newly originated loans. The bank's gross non-performing loan ratio declined to 2.2 per cent at the end of March 2023 from 13.9 per cent a year earlier, following its sale of non-performing loans (NPL)

Lenders that had "substantial" unrealized securities losses and uninsured deposits may be hurt more as customers look for safer alternatives to park their funds

Closing gender gaps in both labour force participation and management in OECD countries has potential to raise global economic activity by 7%, or about $7 trn in today's dollars, said Moody's

Affirmation of APSEZ's issuer ratings considers the company's strong market position as the largest port developer and operator in India by cargo volume and its strong liquidity and financial profile

Moody's Investor Service on Friday revised downwards the rating outlook on four Adani Group companies to negative from stable after a significant and rapid decline in market value following a report by US-based short seller Hindenburg Research. In a statement, Moody's said the rating outlook for Adani Green Energy Ltd, Adani Green Energy Restricted Group, Adani Transmission Step-One Ltd and Adani Electricity Mumbai Ltd has been changed to negative from stable. "These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller highlighting governance concerns in the Group," it said.

Domestic banks may become main source of funding for conglomerate if its access to int'l markets is curtailed

The asset quality of Indian banks and those in Southeast Asian countries will be stable in 2023, said Moody's Investors Service in its latest report on the banking sector in emerging markets

Vedanta Resources, the holding company of India's Vedanta Limited, on November 7 terminated the Moody's rating services after the latter downgraded the company's ratings amid debt concerns

Persistently weak liquidity, high refinancing needs triggers rating action

Moody's Investors Service has downgraded Pakistan's local and foreign currency and senior unsecured debt ratings to Caa1 from B3, citing increased government liquidity and external vulnerability risks

Moody's cut Pakistan's sovereign credit rating on Thursday by one notch to Caa1 from B3, citing increased government liquidity and external vulnerability risks in the wake of devastating floods