Amid the coronavirus pandemic, the pace of credit rating downgrades has accelerated with average monthly downgrades increasing by 22 per cent in the past few months, ICRA said in a report
India must walk the talk on deep structural reforms
Many airlines have improved liquidity but at the cost of rising debt burdens
Moody's Investors Service has said that policymaking institutions face increasing challenges from lower growth, weaker fiscal conditions and rising financial sector stress.
Here are the top ten headlines on Wednesday morning
The rupee and the 10-year government bond, too, held steady, despite the red flags raised by the rating agency.
Currency dealers say the Reserve Bank of India (RBI) intervened in the currency markets, and may have even bought some bonds anonymously from the secondary markets.
Moody's affirmed the issuer rating of Reliance Industries but revised the outlook to negative from stable
On Monday, Moody's downgraded the country's rating to "Baa3" from "Baa2"
'It was expected that Moody's would align back India's rating with Fitch and S&P'
The change brings Moody's rating into line with Fitch and Standard and Poor's, both of which rate India BBB-, although they assign stable rather than negative outlooks
While major credit rating agencies have well-defined frameworks for deciding on sovereign ratings, the methodology of ultimately arriving at the final award remains a black box
Here's how leading analysts have interpreted the development and its likely impact on the markets.
Agency says weaknesses in JSW's credit profile, such as its exposure to weakening steel demand for manufacturing and volatile material costs, have left it vulnerable to shifts in market sentiment
Muthoot Finance's Ba2 CFR is affirmed and its outlook changed to negative from stable.
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Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings.
Companies that failed to repay their loans to YES Bank include Dewan Housing Finance, Essel group, CG Power, the Anil Ambani group companies, and Videocon
Agency also cites deteriorating operating environment for decision; affirms lender's domestic and foreign bank deposit ratings
The agency has also assigned a 'BB-' rating to IIFL's USD 1-billion medium-term note (MTN) programme