Page 12 - Fitch Ratings
Top headlines: Rating firms cut GDP forecast, hiring outlook at 15-year low
Global rating and research houses, such as Fitch and Goldman Sachs, have cut their estimates for growth in India's GDP for the current fiscal 2020-21.
 "Top headlines: Rating firms cut GDP forecast, hiring outlook at 15-year low")
Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch
Fitch Ratings projected global GDP to contract 4.4 per cent in the current year but revised upwards China's growth estimate to 2.7 per cent for 2020
Goldman Sachs to Fitch: Global rating agencies cut India's GDP forecast
Downward revision follows a sharp contraction in the economy in the April-June period, when GDP came in at a negative 23.9 per cent YoY, the worst show in nearly four decades
 "Goldman Sachs to Fitch: Global rating agencies cut India's GDP forecast")
SC decision to allow due payment over 10 yrs not enough to aid VIL: Fitch
SC decision to allow telcos to pay dues over 10 years will not be enough to help Vodafone Idea, while Jio and Airtel are expected to strengthen their market shares, Fitch Ratings said
 "SC decision to allow due payment over 10 yrs not enough to aid VIL: Fitch")
Fitch revises India GDP forecast for FY21 to -10.5% from -5% earlier
The downward revision in India's forecast for FY21 comes on the heels of a sharp contraction in Indian economy in the April - June 2020 period, when the GDP came in at a negative to 23.9 per cent year
 "Fitch revises India GDP forecast for FY21 to -10.5% from -5% earlier")
Fitch places Future Retail on rating watch positive on sale to Reliance
Fitch Ratings has placed FRL's issuer default rating of C and the rating on its 500 million dollars 5.6% senior secured notes due in 2025 of C with a recovery rating of RR4 on rating watch positive
Indian private banks to gain market share from PSBs: Fitch Ratings
Indian private banks have had a decade of strong growth, reflected in much higher loan CAGR of 19.6%
Weak oil refining margins to put pressure on fuel retailers: Fitch Ratings
Fitch Ratings on Monday said state-owned oil refiners IOC, BPCL and HPCL may see longer than previously expected time to recover refining margins, increasing downside risks to their credit profiles.
 "Weak oil refining margins to put pressure on fuel retailers: Fitch Ratings")
Indian automakers' demand outlook cloudy despite respite in July: Fitch
The pandemic has also reduced the availability of financing as lenders exercise caution, particularly to weaker borrowers that form a significant customer base for CVs
 "Indian automakers' demand outlook cloudy despite respite in July: Fitch")
India's steel demand expected to contract in FY21: Fitch Ratings
India's steel demand is expected to contract in FY21, Fitch Ratings said on Friday
 "India's steel demand expected to contract in FY21: Fitch Ratings")
Bahrain gets first rating downgrade in 2 years, says need more Gulf aid
Fitch on Friday cut Bahrain's sovereign rating one step to B+, leaving it four levels below investment grade
 "Bahrain gets first rating downgrade in 2 years, says need more Gulf aid")
Fitch cuts US credit outlook to 'negative' due to budget loss amid Covid-19
"There is a growing risk that US policymakers will not consolidate public finances sufficiently to stabilize public debt after the pandemic has passed," said the statement
Covid-19 impact on GDP to be felt for years in advanced economies: Fitch
Huge uncertainties surround the economic outlook in aftermath of the massive shock in H1 2020
 "Covid-19 impact on GDP to be felt for years in advanced economies: Fitch")
$6 bn capital raised by PSBS inadequate to safeguard against stress: Fitch
PSB divestment may trigger negative rating action
 "$6 bn capital raised by PSBS inadequate to safeguard against stress: Fitch")
State-owned banks need more capital from govt to mitigate risks: Fitch
Fitch said state banks already face significant execution risks in raising equity due to depressed stock market valuations and weak investor interest
 "State-owned banks need more capital from govt to mitigate risks: Fitch")
Fitch downgrades Future Retail's long-term rating to 'C' on missed coupon
The company has a 30-day grace period to meet its obligations; if it can't Fitch could downgrade its IDR and bond rating further
Fitch affirms IOC at 'BBB-', outlook negative on refining volume, margins
The rating assigned to IOC is equal to its largest shareholder, the state of India, Fitch said in a statement.
 "Fitch affirms IOC at 'BBB-', outlook negative on refining volume, margins")
Liquidity and asset quality risks for Indian NBFI to continue, says Fitch
Risks due to impact of coronavirus pandemic on borrowers' repayment capabilities and the effects of the moratorium on collections, says ratings agency
 "Liquidity and asset quality risks for Indian NBFI to continue, says Fitch")
Indian banks will need $15 billion capital to meet Tier I norms: Fitch
The amount could rise to about $58 billion in a high-stress situation where the domestic economy fails to recover from the coronavirus pandemic-related disruption.
 "Indian banks will need $15 billion capital to meet Tier I norms: Fitch")
Fitch slashes India's growth projection from 9.5% to 8% for FY22
It retained its projection of Indian economy contracting by 5 per cent in the current fiscal
 "Fitch slashes India's growth projection from 9.5% to 8% for FY22")
