Fitch Ratings
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."
Budget seeks to maintain balance between growth & deficit: Fitch Ratings
According to Zook, the Budget was largely in line with Fitch Ratings expectations and did not significantly change the sovereign credit profile. India's fiscal deficit and government debt ratio are high relative to peer medians, but the government's emphasis on reducing the deficit helps to stabilise the debt ratio over the medium term, Zook remarked.
TCS revenue growth to slowdown in FY24: Fitch Ratings
TCS reported 19 per cent year-on-year (yoy) revenue growth in 3QFY23 and 50bp quarter-on-quarter (qoq) expansion in the EBITDA margin, reflecting continued growth and the company's ability to pass on higher costs to customers, Fitch said.
Demand for power in India to decelerate in 2nd Half of FY23: Fitch Ratings
According to the credit rating agency Fitch, the demand for power in India grew at 11.3 per cent year-on-year (YoY) during the first half of FY23 due to post pandemic rebound and a low base during 1HFY22.Fitch Ratings expects India's power demand to grow by around eight in FY23 (FY22: 8.2 per cent).
Fitch Ratings retains India's growth outlook at 7% for current fiscal
The rating agency on Tuesday observed that India is likely to emerge as among the fastest growing emerging markets in the current fiscal. At the same time though, the agency has slashed the growth projections for the next two fiscals, observing that while the Indian economy is insulated from global shocks, it is not immune to global developments.
Credit growth likely to remain robust
Strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins. However, it will put pressure on Core Equity Tier 1 ratios (CET1) should credit growth exceed Fitch's expectations, limiting buffers to absorb potential future losses.
Indian non-banking finance sector's profit to be stable: Fitch Ratings
According to the credit rating agency, this status should support NBFI's performance amid a broadening economic recovery, although certain segments could still be vulnerable to higher-than-expected inflation. Fitch revised the Outlook on India's 'BBB-' sovereign rating to Stable from Negative in June 2022.
Cement sector's capacity utilisation to drop to 65%: Fitch Ratings
The rating agency expects India's cement demand to rise by mid-to-high single digits over the medium term after an estimated mid-teen rebound in the financial year ended March 2022 (FY22). Nonetheless, industrywide utilisation will drop towards 65 per cent from the close to 70 per cent we estimated in FY22 as faster new capacity additions will outpace demand growth.
Fitch revises outlook on India to stable from negative
"The Outlook revision reflects our view that downside risks to medium-term growth have diminished due to India's rapid economic recovery and easing financial sector weaknesses, despite near-term headwinds from the global commodity price shock," it said in a statement on Friday. The ratings agency expects a robust growth relative to peers to support credit metrics in line with the current rating.
Russia's credit ratings downgraded to 'junk' by Moody's and Fitch
Russias credit ratings have been downgraded deep into the 'junk' territory by Moodys Investors Service and Fitch Ratings, with the duo highlighting the economic toll inflicted by wide-ranging sanctions and rising doubts about whether Moscow will honour its debts, The Wall Street Journal reported.
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