Page 4 - Fitch Ratings

Threat of govt shutdown builds in after rating downgrade by Fitch in US

The credit rating company's determination has emboldened Republicans to call on President Joe Biden and congressional Democrats to yield to their demands for fresh spending cuts

Numbers justify Fitch downgrade, says Blackstone CEO Steve Schwarzman

"The numbers justify it, regrettably," the Blackstone Inc. chief executive officer said on CNBC Friday

TMS Ep491: GST on gaming, AI & Indian IT, Fitch's US downgrade and more

Has the online gaming industry got a new lease on life? Is Indian IT embracing AI? How soon can equities recover from Fitch's US downgrade blow? What is Minerals Security Partnership? Answers here

Fitch downgrades US' rating: How soon can the markets recover?

Stock markets, analysts suggest, are impacted by unexpected events and see a knee-jerk reaction. When market valuations are high, the sell-off, they say, will be sharp

Gold needs to clear this hurdle for sentiment revival, shows chart

The MCX Gold October futures need to overcome the resistance at Rs 59,930, for fresh buying to emerge, indicates technical chart.

LIVE: 3-member panel to monitor social media, says Haryana Home Minister

Get latest news updates from around the world here

What does Fitch downgrade of US credit rating to AA+ mean for the markets?

The development caused a flutter across equity markets, with most leading frontline global equity indices trading weak on Wednesday.

Fitch Ratings downgrades US: A stern criticism of political standoffs

The Fed raised interest rates by 25 bps in March, May, and July 2023. Fitch expects one more hike to 5.5 per cent-5.75 per cent by September

Fitch downgrades US credit rating to AA+, Treasury calls it 'arbitrary'

Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years and repeated down-the-wire debt ceiling negotiations

Rupee expected to decline on poor risk appetite, weakness in Asian peers

Non-deliverable forwards indicate rupee will open at around 82.32-82.34 to U.S. dollar compared with 82.2550 in the previous session

Prominent economists criticise Fitch Rating's decision to downgrade US

Former Treasury Secretary Summers said while there are reasons for concern about the long-run trajectory of the US deficit, the country's ability to service its debts wasn't in doubt

Top headlines: Fitch cuts US credit rating, corporation tax mop-up slips

Business Standard brings you the top headlines at this hour

Consumer demand revival may take one more year despite moderating inflation

RBI's MPC said going forward, the inflation trajectory would be guided by food dynamics

Oil companies to turn profitable on fuel marketing in FY24: Fitch

State-owned oil marketers are likely to turn profitable on fuel marketing in the current fiscal ending on March 31, 2024, following large losses in the previous year, Fitch Ratings said on Monday. The rating agency expects India's petroleum product demand to grow by mid-single digit percentage in the medium term, supported by forecast that the GDP will grow by 6-7 per cent in the next few years, the government's increasing spending on infrastructure and a pick-up in industrial activity. "We expect the Indian oil marketing companies' marketing segment to turn profitable from the financial year ending March 2024 (FY24) as crude oil prices fall to Fitch's assumption of USD 78.8 per barrel, following large losses in FY23 due to high crude prices and unchanged retail fuel prices," it said. This should enable the oil marketing companies (OMCs) to partly recoup the FY23 (April 2022 to March 2023) losses in first half of FY24, before the fall in crude prices in recent months is reflected in

Strong growth outlook to offset foreign mkt slowdown for India Inc: Fitch

India's resilient growth outlook will offset a slowdown in overseas markets for the country's corporates and easing input cost pressure will help widen their profit margins, Fitch Ratings said on Friday. Earlier this month, Fitch had raised India's economic growth forecast to 6.3 per cent for the current fiscal year 2023-24 from the 6 per cent it had predicted previously. The sustained economic growth will drive cement and petroleum product demand, with high-frequency data trending above pre-pandemic levels so far this year. India's rising infrastructure spending will also boost steel demand, Fitch added. "India's resilient growth outlook will offset a slowdown in overseas markets for the country's corporates and easing input cost pressure will widen profit margins by around 220bp in the financial year ending March 2024," Fitch said in a statement. Slowing demand in the US and the eurozone will moderate sales growth for the IT service sector. However, a corresponding easing of wage

Fitch Ratings ups India's FY24 economic growth estimate by 30 bps to 6.3%

Cautions that slowdown in global trade to pose downward risk

Fitch raises India's GDP forecast to 6.3% for current fiscal year

Fitch Ratings on Thursday raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously. This is primarily because of a stronger outturn in the first quarter and near-term momentum. The growth forecast compares with 7.2 per cent GDP expansion in FY23. In the previous fiscal year (FY22), the economy had grown 9.1 per cent. "India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in 1Q23 (January-March) and autosales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending in March 2024 (FY23-24) by 0.3 percentage points to 6.3 per cent," the rating agency said. Fitch had in March lowered its forecast for 2023-24 to 6 per cent from 6.2 per cent citing headwinds from elevated inflation and interest rates along with subdued global demand. For 2024-25 and 2025-26 fiscal years, it estimated a growth of

Fitch affirms stable outlook to $362.5 mn debt of Adani Green Energy RG2

Fitch Ratings has affirmed 'BBB-' rating on Adani Green Energy Ltd Restricted Group 2's USD 362.5 million senior secured notes (bonds), implying a low risk of default. Assigning a stable outlook, the rating agency said that credit assessment is supported by the company's 570MW solar portfolio across two Indian states and long-term fixed-price power purchase agreements (PPAs). The Adani Green Energy Limited Restricted Group 2's (AGEL RG2) consists of 570MW of polycrystalline solar projects, a proven technology with a long operating history, a Fitch rating issued on Friday said. "We regard the operation of these types of solar projects as straightforward and the solar modules are provided by internationally known suppliers" it said. It stated that Fitch Ratings has affirmed the AGEL RG2's USD 362.5 million senior secured, largely amortising notes due 2039 at 'BBB-'. The Outlook is Stable, it held. Explaining about rating rationale, it explained that the AGEL RG2's credit assessment

Fitch upgrades IPO-bound Oyo's long-term issuer rating to 'positive'

Agency sees major growth in Oyo's Ebitda in FY24, led by ongoing demand recovery in travel and tourism, the company's stable gross margins, and reduction in operating costs

Fitch Ratings revises outlook on OYO's long-term issuer ratings to positive

Fitch Ratings on Wednesday said it has revised the outlook on Oravel Stays Ltd's (OYO) long-term foreign- and local-currency issuer default ratings to 'positive' from 'stable', while affirming the ratings at 'B-'. The ratings agency also said it has affirmed the rating on the USD 660-million senior secured term loan facility due 2026, issued by OYO's fully owned subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'. "The outlook revision reflects our view that OYO is on track to generate positive EBITDA and cash flow from operations (CFO) sustainably. This follows positive EBITDA in every quarter of the financial year ended March 2023 (FY23), which is the first year of profits since OYO's incorporation in 2012," Fitch Ratings said in a statement. It further said, "We expect significant growth in its EBITDA in FY24, led by an ongoing demand recovery in the travel and tourism industry, the company's stable gross margins, and reduction in operating costs." The rating reflects OYO's