Page 2 - Fitch Ratings

Fitch upgrades India's medium-term growth outlook to 6.4% till FY26

Fitch Ratings raises India's medium-term growth forecast to 6.4% citing higher labour force participation, even as it trims projections for most emerging markets

Fitch Ratings raises India's average growth potential to 6.4% till 2028

Fitch Ratings on Thursday raised India's average annual growth potential till 2028 to 6.4 per cent, from 6.2 per cent estimated in November 2023. "The Indian economy bounced back more strongly than we expected at the time of the 2023 report, suggesting a less adverse "scarring" impact from the pandemic shock," Fitch said while updating the five-year-ahead potential GDP projections. In its updated forecast, Fitch upped India's average growth estimate for 2023-2028 to 6.4 per cent, from 6.2 per cent. It said Fitch Ratings has slightly lowered its medium-term potential GDP projections over the next five years for the 10 emerging market economies covered in the Global Economic Outlook (GEO). "Our new projection sees growth at 3.9 per cent on a GDP weighted basis, down from 4 per cent in our previous assessment published in November 2023," it said, adding that "Our unweighted average EM10 potential growth projection is 3.1 per cent, just higher than the 2023 report.

Moody's downgrade of US rating may not dent stock markets much: Analysts

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

Fitch expects Indian power gencos' credit ratings to remain stable

Fitch Ratings says Indian power gencos are insulated from volume risk due to regulated assets and fixed-tariff contracts, despite a slowdown in electricity demand growth

Fitch upgrades Shriram Finance's rating on improved business profile

Fitch Ratings on Tuesday upgraded Shriram Finance Ltd's rating reflecting sustained improvement in standalone profile in recent years, particularly in funding diversity, risk management, portfolio quality and profitability. Fitch Ratings has upgraded India-based Shriram Finance Ltd's (SFL) Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) to 'BB+', from 'BB', with a 'stable' outlook. It said SFL has demonstrated steady performance since merging with its sister company, Shriram City Union Finance Ltd (SCUF), in 2022. The ratings also reflect SFL's time-tested and established franchise in used commercial-vehicle financing, seasoned management team, established risk controls and adequate balance-sheet buffers. India's robust medium-term growth potential and large, diversified economy should continue to support non-bank financial institutions' (NBFIs) business prospects and profitability in the medium-term. "The upgrade reflects sustained improvement in SFL's standalon

Fitch cuts India's GDP projection by 10 bps to 6.4% as trade war escalates

Fitch says, excluding the pandemic, world growth rate to be the weakest since 2009

Fitch cuts India growth estimates to 6.4% amid ongoing global trade war

Fitch Ratings on Thursday cut India's GDP growth estimate by 10 basis points to 6.4 per cent for the current fiscal, but retained the projections for the next financial year, on concerns over a 'severe' escalation in global trade war. "It is hard to predict US trade policy with any confidence. Massive policy uncertainty is hurting business investment prospects, equity price falls are reducing household wealth, and US exporters will be hit by retaliation," Fitch said in its special update to quarterly Global Economic Outlook (GEO). Fitch also cut the world growth projections in 2025 by 0.4 percentage points and China and US growth by 0.5 percentage points from its March GEO. "Fitch Ratings' forecasts for world growth have been sharply lowered in response to the recent severe escalation in the global trade war. World growth is projected to fall below 2 per cent this year; excluding the pandemic, this would be the weakest global growth rate since 2009," it said. With regard to India,

Fitch cuts China credit rating on debt risks amid trade tensions

The downgrade came a day after President Donald Trump imposed sweeping tariffs on imports from US trading partners, with China among the hardest-hit

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 assigns negative outlook to Adani Energy citing governance concerns

Fitch assesses that the US indictment for alleged securities and wire fraud reflects a corporate governance risk

Fitch lifts Adani Energy rating watch, first upgrade since US indictment

Fitch said the indictment for alleged securities and wire fraud reflects a corporate governance risk for AESL

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

IIFL Finance accepts $100 million in reissue of 8.75% 2028 dollar bonds

The company initially sold the notes, which had a maturity of three years and six months, in January, raising $325 million

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 ...

IIFL Finance likely to see a drop in annual earnings, says Fitch Ratings

Earlier this month, IIFL Finance reported an 8 per cent fall in loan assets under management to Rs 71,410 crore ($8.24 billion) for the first nine months of the fiscal year that ends in March

Liquidity easing to moderate pressure on banks' net interest margins: Fitch

The Indian banking sector's NIM remains healthy at 3.5 per cent as of the first half of FY25, although it has declined from about 3.6 per cent in FY24, partly due to the upward repricing of deposits

Banks' margins to take 10 bps hit in FY26 due to rate cuts: Fitch Ratings

Last week, the RBI started its rate-cutting cycle by lowering its key policy rate by 25 bps to 6.25 per cent and said it would be watchful and proactive with liquidity measures

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