Page 2 - Credit Rating Agencies

Sebi issues template for info sharing by CRAs to debenture trustees

Credit rating agencies will have to submit their disclosures to the debenture trustees in a specified format for easier accessibility and analysis of the data submitted by them, according to Sebi. Under Sebi norms, credit rating agencies (CRAs) have to share certain information with Debenture Trustees (DTs). "Due to the large quantum of information submitted daily by CRAs to DTs, as well as short timelines mandated for disclosure of this information by DTs, it is essential that the data shared by CRAs be structured and submitted in a specified format for easier accessibility and analysis of the submitted data," the regulator said in a circular on Monday. In this regard, the Securities and Exchange Board of India (Sebi) has come out with an Excel template. "CRAs shall use the same template for their daily submissions of rating revisions to DTs," as per the circular, which will be effective from October 1. Further, CRAs should report on their compliance with the circular, as ratifie

Fitch affirms SBI's long term rating at 'BBB' on asset quality, loans

Agency revises outlook for lender's asset quality score from 'stable' to 'positive'

Moody's affirms India's sovereign ratings, retains stable economic outlook

India's long-term local and foreign-currency issuer ratings and the local-currency senior unsecured rating remains at Baa3, while the other short-term local-currency rating stands at P-3, it said

Indian pharma to grow at 7-9% in FY24 despite regulatory risks: ICRA

ICRA's sample set includes companies such as Dr Reddy's Laboratories, Sun Pharmaceutical Industries, Cipla and Abbott

Foxconn-Vedanta JV split credit negative for UK mining firm: CreditSights

CreditSights had previously expected a "minimal credit impact" on Vedanta Resources based on the old arrangement, as Volcan, Vedanta's holding entity was undertaking the semiconductor investments

Recovery underway in financial sector, upgrades of 4 institutions: S&P

S&P Global Ratings on Tuesday said a strong recovery is underway in the Indian financial sector and upgraded four financial institutions, including Union Bank of India and Bajaj Finance. The move reflects S&P's view that domestic financial institutions in India will continue to improve their asset quality, benefiting from good economic prospects and structural improvements in the operating conditions. "S&P Global Ratings today upgraded Bajaj Finance, Hero FinCorp, Shriram Finance, and Union Bank of India... A strong recovery is underway in the Indian financial sector," S&P said. S&P expects India's financial institutions, especially the public sector banks, to sustain their improvement in capital positions. Bank earnings will also likely be comparable to other emerging market peers, although margins could decline as the banks reprice deposits. "We expect earnings for our rated non-bank finance companies to remain healthy despite pressure from the rising cost of ...

RBI to look into companies that do not cooperate with credit rating firms

Out of 40,000 companies that have been rated, nearly half of them have not cooperated with credit-rating firms

Centre bats for sovereign rating upgrade in meet with global agencies

S&P and Fitch rate India 'BBB-' and Moody's 'Baa3', all indicative of lowest-possible investment grade, but with stable outlook. These ratings are used to judge country's creditworthiness

Stable cash flows to aid Adani Group's debt commitments: Rating firms

Ind-Ra said there is no immediate impact on the ratings of Adani Group entities, following the recent short-selling report

Sebi tweaks framework on credit rating agencies, asks for detailed policy

Sebi on Friday tweaked its operational circular on credit rating agencies (CRAs), asking them to have a detailed policy by March-end in respect of non-submission of crucial information, including quarterly financial numbers, by the issuers. Also, the detailed policy should contain methodology in respect of assessing the risk of non-availability of information from the issuers, including non-cooperative issuers and the steps to be taken under various scenarios in order to ascertain the status of non-cooperation by the issuer company. Further, CRAs will have to follow a uniform practice of three consecutive months of non-submission of no-default statement (NDS) as a ground for considering migrating the ratings to INC (issuers not cooperating) and need to tag such ratings within 7 days of three consecutive months of non-submission of NDS. The CRA in its judgement may migrate a rating to the INC category before the expiry of three consecutive months of non-receipt of NDS. In its fresh

RBI lists 6 rating agencies for banks' capital adequacy purposes

Central bank's names come after Sebi last year cancelled the licence of Brickworks Ratings for allegedly violating rules

BS BFSI Insight Summit 2022: Sebi member Ashwani Bhatia to speak at event

In the last six months with Sebi, he has delivered crucial orders in matters such as credit rating agencies, commodity brokers, and RTAs, among others

Rating agencies raise red flag: QIP monitoring may hit disclosure wall

Disclosures around utilisation of issue proceeds not as exhaustive as IPOs: Rating agencies

Market regulator Sebi issues guidelines to standardise CRAs' rating scales

The regulator also specified standard descriptors for 'rating watch' and 'rating outlook'

Moody's lowers Vedanta Resources rating to 'B3' implying high credit risk

Persistently weak liquidity, high refinancing needs triggers rating action

Sebi issues guidelines to standardise usage of rating scales used by CRAs

Capital markets regulator Sebi on Monday came out with fresh guidelines in order to standardise the usage of rating scales used by Credit Rating Agencies (CRAs). Issuer rating or corporate credit rating indicates the degree of safety of the issuer or the rated entity with regard to timely servicing of all its debt obligations. Pursuant to the consultation with the CRAs, standardised symbols and their definitions have been devised for issuer rating or corporate credit rating, the Securities and Exchange Board of India (Sebi) said in a circular, adding that the new guidelines will come into force from January 1, 2023. According to Sebi, 'rating outlook' indicates CRA's view on the expected direction of the rating movement in the near to medium term, whereas a 'rating watch' indicates a CRA's view on the expected direction of the rating movement in the short term. CRA will have to assign a rating outlook and disclose the same in the press release. Also, the regulator has specified ...

SAT gives relief to Brickwork Ratings, stays cancellation of licence

But keeps Sebi ban on taking up new clients

Sebi issues framework for dealing with suspension of rating agencies

The regulator has directed CRAs to disclose prominently on their website Sebi's order on suspension or cancellation

MDs, CEOs of ARCs can't have more than 3 terms in office without a cool-off

RBI allows ARCs to bid for assets in IBC cases

'Strongly contest' sovereign credit ratings downgrade by Moody's: Pakistan

Moody's cut Pakistan's sovereign credit rating on Thursday by one notch to Caa1 from B3, citing increased government liquidity and external vulnerability risks in the wake of devastating floods