Page 3 - S&p

India exchange-traded fund debuts on Abu Dhabi Securities Exchange

S&P India Shariah Liquid 35/20 Capped Index has rallied nearly 20 per cent in the past one year in AED terms

S&P downgrades Vedanta Resources to selective default after debt extension

S&P Global Ratings has downgraded debt-laden Vedanta Resources Ltd to 'selective default' after the mining conglomerate concluded a deal with creditors to extend the maturities of its three dollar bonds. "We view Vedanta Resources' just concluded liability management exercise, which involved three of its US dollar-denominated bonds, as a distressed transaction," the rating agency said in a statement. The junk-rated Vedanta had last week stated that its bondholders have approved extension of the maturities of USD 3.2 billion of bonds maturing in 2024 and 2025. Under the deal, the company will pay USD 779 million upfront, with the remaining principal extended by as much as four years. "On January 12, 2024, we lowered our long-term issuer credit rating on Vedanta Resources to 'SD' (selective default) from 'CC'. We also lowered the issue ratings on the company's bonds due January 2024, August 2024, and March 2025 to 'D' from 'CC'," S&P said. The issue rating on the UK- and ...

SBI raising $300 mn via medium term bonds, assigned BBB- ratings by S&P

Issue likely to be concluded on Thursday and has a green shoe option to raise more money

American Tower to sell India operations to Brookfield for $2.5 billion

Canada-based Brookfield will acquire the Indian business of American Tower Corporation (ATC) for an enterprise value of USD 2 billion, a release said on Friday. The transaction is subject to regulatory approvals and expected to close in the second half of 2024. "Data Infrastructure Trust (DIT), an Infrastructure Investment Trust sponsored by an affiliate of Brookfield Asset Management, today announced the signing of an agreement with ATC to acquire 100 per cent of equity interests in American Tower's operations in India (ATC India), for an enterprise value of Rs 16,500 crore (USD 2 billion) which is subject to pre-closing terms as per the securities purchase agreement," it said. ATC India has a portfolio of approximately 78,000 sites across the country. This will be Brookfield's third acquisition in the Indian telecommunications space. In 2022, Brookfield acquired a portfolio of 5,000 indoor business solution sites and small cell sites, which advances the rollout of 5G and enables

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

Credit-deposit ratios of Indian banks may weaken, dent margins in 2024: S&P

Asset quality to stay on improvement trajectory

Gautam Adani's next milestone is plan for $1.25 billion of green arm debt

We are coming close to timelines where we would like to see a concrete and definitive plan" Abhishek Dangra, a Singapore-based infrastructure analyst at S&P Global said

'China slows, India grows': S&P pegs 7% GDP growth for India by 2026

India's GDP growth rate will rise to 7 per cent by 2026 compared to 4.6 per cent for China, S&P Global Ratings said on Tuesday. In a report titled 'China Slows India Grows', S&P said it expects Asia-Pacific's growth engine to shift from China to South and Southeast Asia. We project China's GDP growth to slow to 4.6 per cent in 2024 (2023: 5.4 per cent), edge up to 4.8 per cent in 2025, and return to 4.6 per cent in 2026. We see India reaching 7.0 per cent in 2026; Vietnam, 6.8 per cent (4.9 per cent); Philippines, 6.4 per cent (5.4 per cent); and Indonesia remaining steady at 5 per cent, S&P said. The US-based rating agency on Monday projected India's GDP to expand at 6.4 per cent in the current fiscal year and in the next. For 2025 it projected growth rate to rise to 6.9 per cent, followed by 7 per cent in 2026. S&P said with Asia-Pacific's central banks likely to keep interest rates high, the region's borrowers will see costlier debt servicing. Concurrently, a ...

S&P Global raises India's FY24 growth forecast on 'robust momentum'

A subdued global growth, unfavourable base effect and the lagged impact of rate hikes are expected to slow down the growth in the second half of FY24

India's GDP to grow 6-7.1% during 2024-2026, growth prospects strong: S&P

The report further said that the State Bank of India and leading private-sector banks have largely addressed their asset-quality challenges

India's GDP to grow 6-7% during 2024-26, growth prospects strong: S&P

India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024', S&P said the banking sector's weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added. "Unsecured personal loans have grown rapidly and could contribute to incremental NPLs. We believe underwriting standards for retail loans generally remain healthy and overall level of delinquencies remains within acceptable limits for this product category," S&P Primary Credit Analyst Deepali Seth Chhabria said. The report said that global ...

India's economy showed strong growth, retained 6% forecast in FY24: S&P

S&P Global Ratings on Wednesday said India's economy has a track record of strong growth and retained its 6 per cent growth forecast for current fiscal year. In Asia-Pacific Credit Outlook 2024 titled 'Slowing Dragons, Roaring Tigers', S&P said gradual capital deepening, favourable demographics, and improving productivity are essential growth factors. "India's economy has a track record of strong growth. We expect this momentum to continue and forecast growth of 6 per cent for FY 2024, then 6.9 per cent for FY 2025 and FY 2026," S&P said. It said India's economic growth shines brightly. However, its yields remain higher, as they have been historically, which puts additional pressure on the cost of funding India's large debt stock. While growth supports market confidence and revenue generation, rates dynamics will be an additional determinant of India's debt trajectory over the next few years, the US-based rating agency said. Gradual capital deepening, favourable ...

India set to be world's third-largest economy by 2030, says S&P Global

By 2030, India's GDP is forecast to surpass Germany's too

Bajaj Finance's equity raising to boost already solid capital base: S&P

The rating agency said BFL's RAC ratio is unlikely to sustain above 15 per cent during the financial years 2025-2026

Over 3 million demat accounts opened in Sept for second consecutive month

The country's two depository firms, Central Depository Services and the National Securities Depository, added about 3.1 million new accounts

China services activity expands at slowest pace in September this year

"Services supply and demand grew at a slower pace in September, as market conditions improved less than expected," said Wang Zhe, senior economist at Caixin Insight Group.

India manufacturing PMI grows to three-month high in August: S&P Global

'Sharp expansion' in international sales show companies' focus on international business, says survey

Morgan Stanley backed RE firm Continuum to refinance $400 mn bonds

Company's interest savings will likely be minimal despite a lower funding cost, says S&P

Indian economy may grow by average 6.7% till FY31, says S&P Global

GDP to nearly double to $6.7 trn by then, it says