Washington: The United States needs to tackle the recurrence of debt limit standoffs and find “long-term” solutions for growing fiscal issues if it seeks a credit upgrade, a Fitch Ratings senior director said in an interview Wednesday. The comments by Richard Francis on CNBC came a day after Fitch took the United States’ top-tier AAA … Read more
Rating agency Fitch on Tuesday downgraded the U.S. government’s top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago. Fitch downgraded the United States to AA+ from AAA, citing fiscal deterioration over the next three years … Read more
MUMBAI – Fitch Ratings on Friday affirmed its “BBB-” rating on Adani Green Energy Restricted Group 2’s $362.5 million senior secured notes, and retained a “stable” outlook. The credit assessment is supported by the company’s solar portfolio and credit metrics. “The restricted group’s financial profile with debt-service coverage ratio (DSCR) of 1.44 times is stronger … Read more
Fitch Ratings has affirmed “BBB-” rating on the $400 million senior secured notes issued by the restricted group of Adani Transmission Limited (ATL RG1), with a stable outlook. “ATL RG1’s credit assessment is not directly affected by the alleged malpractices at India’s Adani group highlighted in Hindenburg Research’s report due to the ringfenced nature of … Read more
Fitch Ratings has cut India’s economic growth forecast to 8.7 per cent for the current fiscal but raised GDP growth projection for FY23 to 10 per cent, saying the second COVID-19 wave delayed rather than derail the economic recovery. In its APAC Sovereign Credit Overview, Fitch Ratings said India’s ‘BBB-/Negative’ sovereign rating “balances a still-strong … 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
Fitch Ratings on Thursday affirmed ‘BBB-‘ sovereign rating for India, saying a recent surge in coronavirus cases may delay GDP recovery, but it won’t derail the economy. It maintained a negative outlook for the rating reflecting “lingering uncertainty around the debt trajectory”. “We forecast a 12.8 per cent recovery in GDP in the fiscal year … Read more
India’s budget for 2021-22 has the potential to lift growth prospects and its credit impact would depend on the growth outlook, said global rating agency Fitch, on Wednesday. “Higher expenditure will support the near-term recovery and increased infrastructure spending could boost sustainable medium-term growth rates,” Fitch said. However, the accompanying loosening of fiscal policy and … Read more
Saudi Arabia is increasingly relying on state-owned investors to finance itself amid the coronavirus pandemic, a strategy that raises questions about how exposed ordinary Saudis could be to a sovereign shock. The government-backed institutions – namely the pension fund and insurance agency – have seen their domestic debt holdings nearly double in the first six … Read more