Page 5 - Fitch

Asia Pacific banks to face portfolio valuation losses as yields rise: Fitch

A rise in yields for long-dated sovereign bonds will result in near-term losses for the A-Pac banks as they recognise valuation changes on their available-for-sale bond portfolios, according to Fitch

Strong govt support behind India's residential construction sector: Fitch

Driven by sustained demand for housing and supportive government policy, residential building will see a strong rebound in 2021 and robust growth over the coming decade, according to Fitch Solutions

Adani Ports credit profile unaffected by Gangavaram Port acquisition: Fitch

The company says the proportion of cargo from western and eastern coasts will shift to 60 percent and 40 percent respectively from 67 percent and 33 percent currently

Fitch, S&P rate IRFC's proposed USD senior unsecured notes at BBB-minus

Fitch Ratings has assigned Indian Railway Finance Corporation's (IRFC's) proposed US dollar Regulation senior unsecured notes a rating of BBB-minus.The proposed notes will be issued under IRFC's existing four billion dollars global medium-term note programme.The net proceeds from proposed notes will be used for funding acquisition of rail assets which IRFC will lease to Indian Railways, and to meet debt-financing requirements of various entities in the railway sector.Fitch said the proposed notes are rated in line with IRFC's issuer default rating on the basis that the notes issued under the programme will constitute direct, unconditional and unsecured obligations of IRFC and rank pari passu (on equal footing) with all its other present and future outstanding unsecured and unsubordinated obligations.Meanwhile, S & P Global also assigned BBB-minus rating to long-term foreign currency issue rating to IRFC's proposed benchmark size senior unsecured US dollar notes.

India's peoposed discom reform plan to benefit gencos in long term: Fitch

Fitch said discoms are saddled with huge accumulated losses due to a combination of crippling debt, expensive power, technical and commercial losses, and less-than-commensurate increases in tariffs

Fitch Solutions revises forecast, says Indian rupee to trade weaker in 2021

We see depreciatory pressure on the rupee due to worsening terms of trade from rising oil prices, further monetary easing, it said

Price hikes to dampen recovery prospects for Indian automakers: Fitch

Hikes come at a time when boost in some categories from pent-up demand and festive spending fades, and the economic impact from the pandemic reasserts itself, rating agency says

Fitch now expects lower GDP contraction in India at 9.4% for FY21

Says Covid vaccines aren't likely to reach majority even in a year, Cautions against weak balance sheets, challenges in financial sector

Fitch revises India's FY21 GDP contraction forecast from 10.5% to 9.4%

The projections compare to a GDP growth of 4.2 per cent in 2019-20 (April 2019 to March 2020) fiscal and 6.7 per cent annual expansion between 2015 and 2019

Pandemic-driven reform agenda can raise India's medium-term growth: Fitch

For the current fiscal, Fitch Ratings has projected a 10.5 per cent contraction in Indian economy

Fiscal deficit may hit 8% of FY21 GDP on additional govt borrowing: Experts

The development comes at a time when the economy is limping back to normalcy after a stringent lockdown that lasted over two months

Fitch says BPCL privatisation is 'event risk' over little info on bidders

Fitch Ratings said the potential privatisation of BPCL is an "event risk" as there is little information about bidders and potential transaction structure

Top headlines: EPFO to pay in instalments, Silver Lake to invest in RIL

Business Standard brings you the top headlines of the day

Private banks likely to gain market share from state-owners peers: Fitch

Fitch Ratings said private sector banks, with stronger loss-absorption buffers, are likely to gain market share from their state-owned peers in the medium term

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

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

Debt recast may reduce transparency, hinder capital raising: Fitch

Private investors may be reluctant to participate in sale of stakes in state-owned lenders until impact of pandemic on their balance sheets is clear, agency says

Fitch affirms Indian Oil Corporation at BBB-minus with negative outlook

The agency has also affirmed IOC's senior unsecured rating and the ratings on its outstanding senior unsecured debt at BBB-minus

Fitch revises outlook on 9 Indian banks' IDRs from stable to negative

Action follows change in outlook on India's rating

Covid-19: India's biggest single-day jump, steroid dexamethasone approved

The World Health Organisation welcomed the UK's low-cost steroid, dexamethasone, after its successful trial