Page 2 - Credit Rating

Morningstar DBRS upgrades India's rating to BBB with stable outlook

Morningstar DBRS upgrades India's issuer rating to BBB, citing strong reforms and growth potential while expecting limited impact from regional geopolitical tensions

Moody's downgrades IndusInd credit profile to 'ba2', flags control lapses

Moody's cuts IndusInd Bank's standalone credit profile citing weak internal controls, derivative accounting discrepancies, and leadership exits without succession plan

Prices of veg, non-veg thali decline nearly 5% in February: Crisil

The report noted that the cost of a non-vegetarian thali was up by 6 per cent year-on-year, driven by an estimated 15 per cent year-on-year rise in broiler prices

As Fitch upgrades ratings, Sri Lanka claims it has ended debt default

With the decision by the Hong Kong based Fitch Ratings to upgrade Sri Lanka's credit rating, the island nation has officially ended its debt default, the Finance Ministry said here on Saturday. Fitch upgraded Sri Lanka's long term credit default rating to CCC+ from CCC- on Friday as it said that the risk of another default on local currency debt has been reduced by the completion of the international sovereign bond restructuring and an improved outlook for macroeconomic indicators. Mahinda Siriwardana, a top bureaucrat in the Finance Ministry, said in a statement: December 20 marked a major milestone in our economic recovery process as Sri Lanka officially exited sovereign default. Sri Lanka had plunged into an economic crisis when the island nation declared sovereign default in mid-April of 2022, its first since gaining independence from Britain in 1948. Almost civil-war-like conditions and months of public protests led to the fleeing of the then president Gotabaya Rajapaksa. Rani

Asia-Pacific credit volatility expected in 2025 amid slow growth: S&P

Forecasts on credit conditions become unstable as trade and foreign policy under Trump 2.0 administration remain unclear

Moody's upgrades Oyo's rating to B2, highlights improved profitability

Proposed term loan to reduce refinancing risk

Need fair sovereign ratings for capital access: Sitharaman at IMF meeting

Finance Minister Nirmala Sitharaman urged greater engagement with credit rating agencies to improve rating methodologies

AM Best upgrades credit ratings of GIC Re's to 'A-' (Excellent)

The outlook for both ratings has been revised to stable. In addition, AM Best has reaffirmed GIC Re's India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook

ICRA upgrades Vedanta's long-term rating to AA on strong credit profile

Credit rating agency ICRA on Wednesday said that it has upgraded Vedanta Ltd's long-term credit rating, reflecting the company's strengthened credit profile. The long-term credit rating has been upgraded to AA from AA-. The long-term rating upgrade considers an expected improvement in the company's credit metrics, following the successful fund-raising worth USD 1 billion by the company via a qualified institutional placement (QIP) in July and an additional USD 400 million generated from the offer for sale (OFS) of Hindustan Zinc Ltd in August, ICRA said. This upgrade comes amidst significant developments at Vedanta Group that focuses on long-term strategic growth and financial strength. Vedanta Ltd has built a war chest exceeding Rs 22,000 crore, comprising mainly of existing cash reserves, stake sale and dividend from its subsidiary Hindustan Zinc Ltd. Vedanta Resources Ltd is also actively pursuing to refinance a substantial portion of its outstanding bonds, aiming to lower the

Moody's raises India's growth projection; Fitch affirms 'BBB-' rating

The government has set a lower fiscal deficit target of 4.9 per cent in the union budget presented on July 23 compared with 5.1 per cent set in the interim budget in February

Credit rating agencies upbeat on India's fiscal consolidation plan

Moody's Ratings notes that the Budget is credit positive

India's credit ratings upgrade is long overdue: RBI Guv Shaktikanta Das

Governor of the Reserve Bank of India Shaktikanta Das said that India is capable of meeting its external payment obligations and a credit ratings upgrade should happen soon

India's rating upgrade likely in 2 years if fiscal deficit falls to 4%: S&P

The central government estimates to bring down fiscal deficit to 5.1 per cent of the GDP in the current fiscal, from 5.63 per cent in 2023-24

Ahead of JP Morgan's inclusion, HSBC sees $250 mn of India swap deals

The British bank, via its unit in the International Financial Services Centres Authority, carried out the so-called total return swap deals worth more than $250 million

Indian Inc faces Q1 revenue uncertainties due to slow govt spending: Icra

Corporates are bracing for revenue uncertainties in the April-June period due to a slowdown in government spending and the onset of the annual monsoon season, domestic rating agency Icra said on Monday. The sequential revenue growth will taper in the first quarter of the fiscal, the agency said in a note, adding that there was a 6.5 per cent growth in revenues in the March quarter compared to the preceding December quarter. "While signs of a revival in rural demand have emerged, headwinds, such as a slowdown in the Government of India's (GoI) spending during the Parliamentary elections and onset of the monsoon period, are likely to weigh on growth in H1FY25," the agency said. "India Inc braces for revenue uncertainties in Q1FY25," it added. Its co-group head for corporate ratings Kinjal Shah said the sequential revenue growth will slow down because of a relatively high base amid a perceived temporary pause in the infrastructural activities for a major part of the quarter due to the

S&P raises India outlook to 'positive' ahead of Lok Sabha poll results

"We forecast India's real GDP growth at 6.8 per cent this year, which compares favourably with emerging market peers amid a broad global slowdown," S&P Global Ratings said

Care Ratings Q4 results: Net profit surges 35% to Rs 34.8 crore

Care Ratings on Friday reported a 35 per cent jump in its standalone net profit at Rs 34.8 crore in the fourth quarter ended March 31, 2024. The domestic rating agency had a profit after tax of Rs 25.9 crore in the January-March quarter of the 2022-23 fiscal. Total income rose 13 per cent to Rs 88.5 crore during the March quarter, Care Ratings said in a late night regulatory filing on Thursday. For the 2023-24 fiscal, the standalone net profit rose 15 per cent Y-o-Y to Rs 119.4 crore. Total income also grew 15 per cent to Rs 330 crore in the 2023-24 fiscal. The board of Care Ratings has declared a final dividend of Rs 11/share, which will take the total declared for the year to Rs 18/share. Shares of Care Ratings were trading at Rs 1,104.20 on Friday in early trade on BSE, up 0.29 per cent over the previous close.

Despite the challenges, credit quality of India Inc improves in FY24: ICRA

According to the agency, the Credit Ratio in FY24 stood at 2.1 times, with the rating agency upgrading two entities for every entity downgraded, continuing the trend from the last two financial years

Fitch Ratings ups GDP growth forecast to 7% for FY25 on demand push

It expects 50 bps rate cut by RBI in the second half of 2024

NLC India jumps 5% as ICRA reaffirms rating on NCDs worth Rs 2,000 cr

That apart, NLC India has also participated in the bidding for 20 blocks in the initial phase of the auction for critical mineral blocks in India.