Mumbai: CreditSights, an independent research firm owned by Fitch Ratings, has recommended investors buy into the offshore bonds of Vedanta Resources (VRL) – but with a caveat. The bonds are for investors with a high-risk appetite, and that the prices could be very volatile. CreditSights expects VRL to be successful at servicing its debt maturities … Read more
U.S. grains merchant Bunge and Glencore-backed Viterra are merging to create an agricultural trading giant worth about $34 billion including debt, the companies said on Tuesday, in a deal that will likely draw close regulatory scrutiny. The deal brings the combined company closer in global scale to leading rivals Archer-Daniels-Midland and Cargill , valuing Bunge … Read more
India has done well among emerging market economies in terms of attracting foreign direct investment (FDI), according to a domestic rating agency. However, the India Ratings and Research agency added that the foreign investors continue to chase bets in the services sector in India despite the Narendra Modi government’s high-octane push to boost manufacturing through … Read more
While rating agency Fitch Ratings expects petroleum demand growth to pick up to 7-8 per cent in FY23 from 5 per cent in FY22, gross refining margins are seen declining. “Fitch expects core gross refining margins (GRMs) to moderate from the highs of 1QFY23 but remain close to mid-cycle levels in 2HFY23, benefitting from supportive … Read more
Fitch Ratings has kept India’s sovereign rating unchanged at BBB- with a negative outlook owing to a rise in public debt ratio and uncertainty on debt trajectory. The rating remains unchanged from April this year. “Negative trigger (is) failure to reduce the fiscal deficit to a level consistent with putting government debt/GDP on a downward … Read more
Risks to India’s financial institutions were mounting as the second wave of Covid-19 was sapping the economy’s near term recovery momentum, said global rating agency Fitch Ratings. While the shock to the economy may not be as severe as last year, risks remained of prolonged disruptions and lockdowns on account of infections spreading further than … Read more
By Moxy Ying, Abhishek Vishnoi and Ishika Mookerjee Even as traders in India fret over how much more pain the nation’s uncontrolled coronavirus surge will inflict on local stocks, some seasoned investors are getting ready to dip their toes back into the market. Concerns that a fresh round of lockdown-like rules triggered by the new … Read more
Wider fiscal deficits and a more gradual pace of consolidation will lift the Indian government’s debt and pressure its sovereign ratings, Fitch Ratings said, cautioning that the fiscal firepower is limited due to a high debt ratio. Finance Minister Nirmala Sitharaman said the current year fiscal deficit will touch 9.5% of GDP, much higher than … Read more
New Delhi: India will need fiscal stimulus, lower interest rates, faster bank recapitalisation and privatisation of some PSUs to return to 7 per cent growth rate, former Niti Aayog vice chairman Arvind Panagariya said on Monday. Addressing a virtual event organised by AIMA, Panagariya further said the country lost nearly USD 125 billion in the … Read more
Fitch Ratings on Tuesday projected a massive 10.5 per cent contraction of India’s economy in the current financial year. India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June. India’s GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global … Read more