Fitch

Fitch ups India's FY26 GDP growth forecast to 7.4% on GST reforms

Fitch Ratings on Thursday raised India's GDP growth forecast for the current fiscal to 7.4 per cent, from 6.9 per cent, on increased consumer spending and improved sentiment boosted by GST reforms. It said falling inflation gives the Reserve Bank of India (RBI) room for one more policy rate cut in December to 5.25 per cent, following 100 bp of cuts in 2025 so far. Fitch said GDP growth accelerated further in the July-September quarter to 8.2 per cent, from 7.8 per cent in the April-June quarter. "Growth will ease over the remainder of the financial year 2025-26 (to end-March), but we have raised our full-year growth forecast to 7.4 per cent, from 6.9 per cent in September," Fitch said in its Global Economic Outlook report for December. Private consumer spending is the main driver of growth this year, supported by strong real income dynamics, increased consumer sentiment, and the impact of recently implemented goods and services tax (GST) reforms. Effective September 22, GST on abo

Fitch Ratings revises outlook on Adani Ports, Adani Energy to 'stable'

Fitch Ratings has revised its outlook on two Adani group firms, Adani Ports and Special Economic Zone and Adani Energy Solutions, to 'Stable' from 'Negative', saying the contagion risks across the conglomerate have eased. Fitch affirmed the two companies' long-term issuer default ratings at 'BBB-'. The agency also affirmed the 'BBB-' ratings on Adani Electricity Mumbai Ltd's (AEML) senior secured notes and those issued by Adani Energy Solutions Ltd's (AESL) subsidiary, Adani Transmission Step-One Ltd. The outlook revisions reflect Fitch's view that contagion risks across the Adani Group have eased. The conglomerate has retained access to diversified funding sources despite a November 2024 US indictment involving board members of a group entity, Adani Green Energy Ltd. Fitch also cited a September 2025 ruling by India's market regulator Sebi, which found no violations of disclosure norms or evidence of market manipulation as alleged in a 2023 short-seller report. Fitch said liquid

Fitch ups India FY26 GDP forecast to 6.9% from 6.5% on domestic demand

Global growth is now forecast to be 2.4 per cent in 2025, up 0.2 percentage points (pp) since June but a sizable slowdown from 2.9 per cent last year and below trend

Fitch cuts GDP growth projections to 6.3%; sees mild impact of US tariffs

Fitch Ratings on Friday cut India's GDP projections for the current fiscal to 6.3 per cent and said it expects a limited direct impact of higher US tariffs on Indian corporates. In its Global Economic Outlook in April, Fitch had estimated India's GDP growth at 6.4 per cent for 2025-26. "We expect India's GDP growth of 6.3 per cent and robust infrastructure spending to underpin healthy demand for cement and building materials, electricity, petroleum products, steel, and engineering and construction (E&C) companies during FY26," Fitch said in its India Corporates Credit Trends report released on Friday. Fitch Ratings expects credit metrics to improve for its rated Indian corporates in the financial year ending March 2026, as wider EBITDA margins offset their high capex intensity. On the impact of US tariffs, Fitch said it expects a "limited direct impact" on its rated Indian corporates from higher US tariffs due to generally low to moderate US export exposure. However, second-order

Fitch raises Boeing's outlook to stable as finances, production improve

The revision in outlook comes as a relief for Boeing, which has resolved its labor dispute and is undergoing a broader transformation under current CEO Kelly Ortberg

Fitch keeps India's FY26 GDP forecast at 6.5%, ups FY27 projection to 6.3%

The rating agency expects two further cuts in the policy rate this calendar year, revised downwards to 5.75 per cent by December 2025

Fitch rates CapitaLand Trust's proposed unsecured notes of SGD200 mn 'BBB-'

Real estate company expects to use proceeds for repaying debt, general working capital and other business activities

Fitch upgrades viability rating for PNB and Union Bank of India

Both showed improved risk profile with better financial performance

Fitch cuts Adani Energy's outlook to negative, cites US probe risks

The US indictment may lead to negative rating action in the near to medium term for Adani Energy

Wipro's revenue to grow by 4.5% in FY26, says Fitch; reaffirms 'A-' rating

IT services firm Wipro's revenue is likely to increase by about 4.5 per cent in FY26, mainly driven by favourable sectoral trends and recovery in discretionary customer spending, according to global rating agency Fitch. The agency retained Wipro's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'A-' with a stable outlook. "Fitch forecasts Wipro's revenue to increase by around 4.5 per cent in FY26 compared with a slight decline in FY25. We believe that the growth will be supported by a recovery in discretionary customer IT spending, particularly in the US, where customers will benefit from declining interest rates. "We expect customers in Europe to remain under pressure in a weaker economic environment and to focus on cost optimisation and efficiency improvement. There are early signs of revenue recovery in 3Q FY25 with IT services revenue rising by 0.6 per cent year-on-year," the agency said in a statement. Wipro will be able to maintain its solid market ...

Pakistan faces big external financing risks despite economic growth: Fitch

Pakistan needs to repay over $22 billion in external debt in the fiscal year 2025, including nearly $13 billion in bilateral deposits, Fitch said

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

Nissan reassigns CFO Ma to China head in management reshuffle: Report

Nissan said last month its half-year net earnings were down more than 90 per cent from the same period last year and cut its annual operating profit forecast by about 70 per cent

Fitch puts some Adani bonds on negative watch after US SEC bribery charges

US prosecutors have charged billionaire Gautam Adani, the group's founder, his nephew Sagar Adani and six others for their alleged roles in a $265-million scheme

Fitch changes global reinsurers' outlook to 'neutral' from improving

Reinsurers, which insure the insurers, have raised their rates in recent years in response to losses from the Covid-19 pandemic, wars and natural catastrophes

Moody's raises India's growth forecasts, Fitch affirms 'BBB-' rating

Global rating agency Fitch on Thursday affirmed India's sovereign rating at 'BBB-' with a stable outlook. India's rating has remained unchanged at 'BBB-', the lowest investment grade, since August 2006. "Fitch Ratings has affirmed India's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook," the global rating agency said in a statement. India's ratings are underpinned by its strong medium-term growth outlook, which will continue to drive improvement in structural aspects of its credit profile, including India's share of GDP in the global economy, as well as its solid external finance position, it said in a statement. Strengthening fiscal credibility from recent achievement of deficit targets, enhanced transparency and buoyant revenues, have increased the likelihood that government debt can follow a modest downward trend in the medium term, it said. Nevertheless, it said, fiscal metrics remain a credit weakness, with deficits, debt and debt servic

Fitch affirms 'BBB+' rating on Larsen & Toubro with stable outlook

Fitch Ratings said it has affirmed 'BBB+' rating with stable outlook on Larsen & Toubro and stressed that the ratings indicate strong financial structure and sound financial flexibility of the company. "Fitch Rating has assigned India's Larsen & Toubro Limited (L&T) first-time Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'BBB+'. The Outlook is Stable," the rating agency said in a statement on Tuesday. The ratings reflect the company's strong market position as a large global engineering and construction company with above-average profitability and solid revenue visibility. "We believe L&T's robust record of steady margins, which is backed by adequate risk management and diversification into stable and high-margin IT and technical services businesses, buffers its ratings against the inherent risks in the E&C (engineering and construction) sector," it said. The credit rating agency further said that the stable outlook reflects its view that .

Fitch ups 2024 world growth forecast to 2.6%; cautions on inflation

However, for 2025, Fitch expects world growth to edge down to 2.4 per cent as US growth slows to a below-trend rate of 1.5 per cent and growth in the Eurozone picks up to 1.5 per cent

India's medium-term fiscal consolidation may get more challenging: Fitch

"Our expectation is that the government will look to achieve the 4.5% fiscal deficit target by 2025-26," Jeremy Zook, director - Asia-Pacific sovereigns at Fitch told Reuters in an interview

Coalition, weak mandate may hinder passing ambitious reforms: Fitch

As the NDA is all set to form the government, Fitch Ratings on Thursday said coalition politics and a weakened mandate could make it challenging to pass legislations on ambitious reforms. "We believe major reforms to land and labour laws will remain on the new government's agenda as it seeks to enhance India's manufacturing sector, but these have long been contentious and the NDA's weaker mandate will complicate their passage further. This could reduce the potential upside to India's medium-term growth prospects," Fitch said in a statement. The BJP fell short of a single-party majority in the 543-seat lower house of parliament for the first time since its latest period in government that began in 2014. But Fitch expects it to secure enough support from allied parties in the National Democratic Alliance (NDA) to form a government with Narendra Modi remaining Prime Minister. The outcome should support broad policy continuity, with the government continuing to prioritise infrastructur