Fitch Ratings
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Modi Govt Most Likely to Retain Power In 2024 General Elections: Fitch Ratings
Fitch underscores its belief that continuity is likely for both India and Bangladesh during their respective elections.
Fitch hikes India's GDP forecast to 6.3% for current fiscal
"India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in the first quarter of 2023-24 and auto sales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending March 2024 (2023-24) by 0.3 percentage points to 6.3 per cent," Fitch said in a statement.
Fitch Ratings affirms India's Long Term Foreign Currency Issuer Default Rating
According to Fitch, India's rating reflects strengths from a robust growth outlook compared with peers and resilient external finances, which have supported India in navigating the large external shocks over the past year. These are offset by India's weak public finances, illustrated by high deficits and debt relative to peers, as well as lagging structural indicators, including World Bank governance indicators and GDP per capita.
10-12% capex growth likely for Indian corporates in FY24: Fitch Ratings | 5 Points
Fitch Ratings expects India's corporate capex to grow by 10-12% annually over FY23 to FY24, owing to the country's supply-side policy steps, domestic corporates focusing on localisation, and multinationals looking to reduce risk in global supply chains. Structural demand visibility, supply-side measures, and healthier corporate.
Indian banks improving performance good for intrinsic creditworthiness: Fitch
Fitch also said a sustained improvement in the financial performance of Indian banks bodes well for the sector's intrinsic risk profiles. The capital buffers are broadly in line with its projections, Fitch said. The sector's impaired-loan ratio declined to 4.5 per cent in the first nine months of the financial year ending March 2023 (9MFY23), from 6 per cent at FY22 which is nearly 60 basis points (bp) of its FY23 estimate, Fitch said.
Fitch downgrades Pakistan's rating, says default a real possibility
Falling reserves reflect large, albeit declining, current account deficits (CADs), external debt servicing, and earlier FX intervention by the central bank, particularly in 4Q22, when an informal exchange-rate cap appears to have been in place, the statement mentioned, the report said.
Adani row: Limited risks for Indian banks, no impact on sovereign ratings, says Fitch Ratings
In a statement issued the credit rating agency said: "Fitch Ratings believes that Indian banks' exposure to the Adani group is insufficient in itself to present substantial risk to the banks' standalone credit profiles. Indian banks' Issuer Default Ratings (IDRs) all remain driven by expectations that the banks would receive extraordinary sovereign support, if needed."
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