India Ratings

Nuclear Power Corp raises Rs 4,600 cr at 7.14% through 15 year bonds

IIFCL is planning to mop up Rs 3,000 crore in two tranches with varying maturities

Unsecured business loans showing early signs of stress: India Ratings

While the denominator effect played out over most of FY24, the need to recognise rising delinquencies, provide for them, and write them off has increased credit cost pressures since Q4 FY24

Time for fintech NBFCs to revisit business models, says India Ratings

Tight liquidity, signs of stress weighs on business

Alphabet-backed NBFC Aye Finance to launch Rs 2k cr IPO in a year: Report

Focused on small and medium enterprises, Aye Finance has roped in four arrangers for its upcoming IPO

Steel ministry knocks on finance ministry's door for RINL support

The request to finance ministry is to help RINL continue as a going concern

Ind-Ra to monitor MTNL as interest payment default triggers govt guarantee

In July 2023, MTNL raised Rs 2,480 crore ($296.97 million) through 10-year government-guaranteed bonds at a semi-annual coupon of 7.59 per cent and the interest payment is due on July 20

India Ratings downgrades state-owned RINL's term loans to default grade

RINL's liquidity is poor because of low-to-negative EBITDA generation against its significantly high debt repayment obligations

Steel demand expected to grow in range of 9-12% in FY25: Ind-Ra report

The steel demand is expected to grow in the range of 9-12 per cent during the ongoing 2024-25 fiscal, according to India Ratings and Research (Ind-Ra). The demand will be supported by steady growth in the end-user industries such as automobile and infrastructure sectors, the rating agency said in a report on Tuesday. The agency forecasts the steel demand growth in the range of 9-12 per cent year-on-year for FY25, it said. "Raw material and finished goods prices are expected to be range-bound on a moderate recovery in global demand. "Domestic players are likely to see stable credit metrics, due to higher profitability and improved operating cash flows amid debt-led capex," Rohit Sadaka, Director and Head, Materials and Diversified Industrials at Ind-Ra, said. The agency further said that it expects the global steel demand to be steady with some moderation in China demand due to its transition to low carbon initiatives and moderate demand from the European Union (EU) but supported b

S&P Global will likely raise India's rating within 2 years, says Citi

S&P raised India's sovereign rating outlook to 'positive' from 'stable' on Wednesday, citing the country's strong economic fundamentals. It, however, kept the rating itself at 'BBB-'

S&P revises India's outlook to 'positive', maintains 'BBB-' rating

S&P rating aligns with similar ratings from other global agencies, including Fitch and Moody's, which also assigned the lowest investment grade rating to India but with a stable outlook

Growth in housing prices may moderate in FY25 to 5% annually: India Ratings

Housing demand and prices are likely to moderate this fiscal on a high base effect with sales expected to rise 8-10 per cent and rates by around 5 per cent annually, India Ratings and Research (Ind-Ra) said on Tuesday. The rating agency has maintained a neutral outlook for the residential real estate sector for the 2024-25 fiscal. "Absorption and prices are likely to be supported by affordability and stability of interest rates. However, given the high base of FY24, the growth rates are likely to taper down," Ind-Ra said in a statement. The residential real estate market registered a strong performance during the first nine months of the 2023-24 fiscal where the sales growth exceeded 25 per cent year-on-year (Y-o-Y) for the top eight real estate clusters, despite price increases and sticky interest rates. "With most regions witnessing a surge in prices, Ind-Ra expects the pre-sales growth to moderate to 8 to 10 per cent yoy in FY25. Inventory levels have also risen over FY24 in the

India Inc's credit quality remains healthy in H2FY24: Rating agencies

While commodity prices have softened, revenue of upgraded companies in the CRISIL rating pool grew by about 13 per cent in fiscal 2024 largely led by a pick-up in volume

Corporate downgrade-to-upgrade ratio inches higher in FY24: Report

Domestic rating agency India Ratings and Research on Monday said there was a marginal uptick in the corporate downgrade-to-upgrades ratio in FY24, when compared to the year-ago period. There were 312 upgrades as compared to 114 downgrades in FY24, which resulted in the ratio between the two coming at 0.37 per cent, which is marginally higher when compared to the 0.26 per cent in FY23, the city-based agency said. "The pace of upgrades moderated while at the same time downgrades increased, both of them marginally by about one percentage point," its head of credit policy group Arvind Rao said. However, the ratio at 0.37 per cent is still low, the agency said, attributing the performance of its rated entities to the continuing Indian growth story. Its associate director Suparna Banerji said the upgrades were witnessed in investment, consumption and service sectors, while the downgrades in the textiles and construction sectors. Meanwhile, its peer Care Ratings said it upgraded the rati

India Ratings lowers MFI sector outlook to 'neutral' from 'improving'

Flagging caution on overleveraging, the rating agency revised the outlook on the microfinance sector to 'neutral' from 'improving'

India's GDP growth likely to moderate to 6.5% in FY25: India Ratings

On the consumption side, India Ratings expects private final consumption expenditure to grow by 6.1 per cent in FY25, up from 4.4 per cent in FY24

Govt plans to raise capital spending as much as 20% in FY25: Report

The government is trying to raise capital spending on building infrastructure to as much as Rs 12 trillion ($144.59 billion) from the current year's plan of Rs 10 trillion

Pick up in consumption contingent on controlling inflation: Ind-Ra

The Indian economy is facing the challenge of lower consumption growth as high inflation is impacting people in the lower income bracket, India Ratings and Research Chief Economist Devendra Kumar Pant said on Sunday. He said although the country's economy is now resilient enough to deal with the dual shocks of below-normal monsoon and high global oil prices, the challenge is to bring down inflation so that people can have more disposable income in their hands. "One percentage point reduction in inflation will lead to 64 basis points increase in GDP or 1.12 percentage points increase in PFCE (Private final consumption expenditure) growth... If inflation can be brought down by 1 percentage point, it would be a win win," Pant said in an interview to PTI. PFCE denotes money spent by individuals on goods and services for personal consumption. As per the estimates of Ind-Ra, which is a subsidiary of global rating agency Fitch Ratings, PFCE would grow 5.2 per cent year on year in current

Sebi slaps fine of Rs 3 lakh on India Ratings and Research for lapses

Markets regulator Sebi has slapped a penalty of Rs 3 lakh on India Ratings and Research for certain lapses. Sebi and the Reserve Bank of India conducted a joint inspection of the entity from August 22 to 29, 2022, and the period covered under the inspection was from August 1, 2021, to June 30, 2022. In its order, Sebi said the inspection findings brought out two instances where the entity was not complying with the requirements of the regulator's circular. The Securities and Exchange Board of India (Sebi) imposed the fine of Rs 3 lakh after taking into various mitigating factors, including that issuers and debenture trustees did not inform the rating agency about delay/ default on the payment of the NCDs (Non Convertible Debentures), investors were institutional investors and were adequately informed about the risks involved in the NCDs. According to Sebi, there was a delay by the rating agency in recognition of a default done by Altico Capital India, and another instance was the .

GMR group to raise Rs 3,200 cr loan for developing Vizag int'l airport

GMR Group holds the airport business under the airport holding company, GMR Airports Ltd (GAL)

SBI mulls to raise up to Rs 10,000 cr tier-II bond issue next week

The bonds are rated AAA by consulting and rating firms CRISIL and India Ratings