S&P Ratings

S&P Global Ratings has upgraded its rating outlook on Vedanta Resources to 'positive' from 'stable'. In a statement, the rating agency said it has also affirmed the issue rating of 'B' on the Vedanta Resources' senior unsecured notes. S&P has cited factors like a timely ramp-up of Vedanta Resources' recently commissioned facilities in the aluminium business, which will improve the company's cost structure and support its earnings and cash flow. It has also noted the lower interest expenses at the holding company level, that will aid in deleveraging the balance sheet. "The positive rating outlook reflects the potential for an upgrade if Vedanta Resources continues its track record of reducing debt at the holding company and operating at a lower consolidated leverage, even as it pursues growth opportunities. "This could materialise as the company improves its cost structure from deeper backward integration. In our base case, we see a path for the company's FFO-to-debt (funds ...

"If India can secure a trade agreement with the US, it will reduce uncertainty and enhance confidence, which would boost labour-intensive sectors," the report added

S&P Market Intelligence expects Indian banks' dividend pay-outs to decline 4.2% in FY26 as margins and profits weaken, with HDFC Bank and Bank of Baroda set to cut dividends

Thus far in calendar year 2025 (CY25), foreign institutional investors have dumped Indian equities worth Rs 1.17 trillion, shows NSDL data

There is a potential for upside to Reliance Industries Ltd provided it operates at lower leverage and strengthens non-energy revenue streams, S&P Global Ratings said on Tuesday. S&P had last week raised the issuer credit ratings of Reliance as well as companies such as Oil and Natural Gas Corp (ONGC), NTPC and Tata Power to 'BBB' from 'BBB-' following upgrade in India's sovereign rating to 'BBB/A-2' from 'BBB-/A-3' on economic resilience and sustained fiscal consolidation. "There is a potential for upside in RIL's rating. It is at 'BBB+'... This (rating going up by a notch) would require stand alone credit profile to improve. For this, what we have said we need a continuation of the company to operate at a lower leverage, and will likely need a strengthening on the business side particularly contribution from non-energy revenues because these are less volatile," said Neel Gopalakrishnan, credit analyst, S&P Global Ratings, on Tuesday. A combination of these factors could ..

S&P Global Ratings affirmed Bangladesh's B+ sovereign rating with a stable outlook, citing improved forex reserves but warning of US tariffs and policy unpredictability

S&P Global Ratings upgrades Pakistan's sovereign credit rating, citing improved fiscal conditions, contained external liquidity risks, and reduced near-term default risk

S&P raised India's FY26 growth forecast citing strong domestic demand, normal monsoon hopes, lower oil prices, and easing policy - reversing last month's downgrade over global risks

Moody's downgrade, analysts said, was more to get the rating in sync with Fitch and S&P, who have already downgraded US' ratings.

S&P Global Ratings on Thursday said the hostilities between India and Pakistan heighten risks to the credit metrics of both countries, and any escalation in clashes would put downward pressure on sovereign credit support. S&P, which rates India and Pakistan at 'BBB-' with a positive outlook and a 'CCC+' (outlook stable), said that in the current scenario, it does not see any immediate impact on sovereign credit rating and expects the tensions to remain high over the next two to three weeks, with significant further military actions on both sides possible. "The outbreak of hostilities between India and Pakistan has increased regional credit risks, especially for the two sovereigns involved. Our base case is for the intense military actions to be temporary, which will give way to a longer period of contained and sporadic confrontations," S&P Global Ratings said in a statement. In a strong retaliation to the Pahalgam massacre, India's armed forces early on Wednesday ...

S&P Global Ratings on Friday cut India's growth projections by 0.2 percentage points to 6.3 per cent for the current fiscal year citing uncertainty over the US tariff policy and downside risks from its spillover to the economy. In its report titled "Global Macro Update: Seismic Shift In US Trade Policy Will Slow World Growth", S&P Global Ratings said "we reiterate that there are no winners in a scenario of escalating protectionist policies." S&P said among Asia-Pacific's major economies, China is expected to see its growth drop by 0.7 percentage points in 2025 to 3.5 per cent and in 2026 to 3 per cent. S&P projected India's GDP growth to be 6.3 per cent in 2025-26 and 6.5 per cent in 2026-27 fiscal year. In March, S&P had lowered the FY'26 GDP growth forecast to 6.5 per cent, from 6.7 per cent. "The risks to our baseline remain firmly on the downside in the form of a stronger-than-anticipated spillover from the tariff shock to the real economy. The longer-term ...

Regulatory oversight led to more financial stability for NBFCs

S&P Ratings has raised the long-term issue ratings for Shriram Finance, and Muthoot Finance from "BB" to "BB+" and for Sammaan Capital from "B" to "B+"

S&P Global Ratings on Monday said several Asia-Pacific economies could face higher tariffs under the Trump administration, while India, South Korea, and Thailand could be most vulnerable to trade retaliation. In its report titled 'Asia-Pacific Economies Likely To Be Hit By US Trade Tariffs', S&P said economies like Vietnam, Taiwan, Thailand, and South Korea have relatively greater economic exposure to the US, meaning that tariffs, if imposed, would have the largest economic impact. "India and Japan have more domestically oriented economies that will provide some mitigation from tariffs," S&P said. US President Donald Trump has said he will impose reciprocal tariffs on its trading partners, including India. The new US administration has already enacted additional 10 per cent tariffs on imports from China and 25 per cent tariffs on steel and aluminum. "We believe this might not be the end of it. Uncertainty is high because of the high leeway the US administration gives ...

S&P Global Ratings on Wednesday said the impact of the US reciprocal tariff will be limited on India as the economy is domestically oriented with less reliance on exports. YeeFarn Phua, Director, Sovereigns and International Public Finance Ratings, Asia-Pacific S&P Global also said India will clock a 6.7-6.8 per cent GDP growth over the next two years. He said the fiscal 2025-26 budget will boost growth for the next few years, largely by domestic demand through tax cuts for households and GDP growth is now normalising to a more "sustainable level". "The government remains very much focused on investment-led growth and also on agriculture sector reforms. However, we do think that economic expansion in India is startling to normalise towards a more sustainable level after real growth had averaged 8.3 per cent over the last three years post-pandemic. "Right now, we anticipate that consumer spending and public investments will maintain real GDP growth at around 6.7 to 6.8 per ...

Vedanta Resources has seen its rating being upgraded in recent months after seeking to lower its debt and improve its capital structure

The Vedanta, Tata, Adani, Reliance, and JSW groups alone are preparing about $350 billion of investment in these sectors over the next decade, said S&P Global Ratings

The credit grader estimated that Boeing will burn through about $10 billion of cash in 2024.

S&P maintained India's growth forecast at 6.8% and said that it expected the RBI to cut rates in October. The US Fed rate cuts last week have sparked speculation about a potential spillover effect

S&P Global Ratings on Thursday said it has upgraded the rating of mining conglomerate Vedanta Resources Ltd to 'B' from 'CCC+' on improving capital structure and liquidity. "We believe Vedanta Resources Ltd has sufficient internal resources to meet debt maturities until December 2025, following recent funds raised and improved dividend capacity at its subsidiaries," S&P said in a statement. The company, which is the parent firm of Mumbai-listed Vedanta Ltd, has adequate internal funds to meet USD 1.4 billion of debt maturities due by the end of 2025. S&P Ratings gave a stable outlook on Vedanta's rating. "We raised our long-term issuer credit rating on Vedanta Resources as well as the issue ratings on its senior unsecured bonds to 'B-' from 'CCC+'," it said. "The stable outlook reflects our view that the company will proactively address the maturity of USD 1.2 billion of debt in April 2026, with clarity over these plans by early 2025." The company raised about USD 500 ...