Page 3 - Fitch Ratings

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

India's pace of debt reduction remains gradual, says Fitch Ratings

The rating agency expressed confidence in India's ability to stick to its medium-term fiscal framework and keep debt firmly on a downward path

India's rating upgrade challenge as debt woes trump fiscal prudence: Fitch

In August, Fitch affirmed India's long-term foreign currency issuer rating at 'BBB-' with a stable outlook, citing a strong medium-term growth outlook

Banks NPAs may dip to 2.4% by March despite stress in retail loans: Fitch

Robust growth, recoveries & write-offs to offset rise in slippages

Fitch upgrades Vedanta Resources' long-term ratings with stable outlook

Fitch has upgraded Vedanta Resources Ltd's (VRL) long-term foreign-currency issuer default rating following a "significant reduction" in the company's refinancing risks. The rating agency upgraded VRL's senior unsecured rating to 'B+' from 'B-' and also changed the outlook to stable, according to a statement. Besides, it has upgraded "the ratings on the USD 300 million June 2028 bonds and USD 500 million December 2031 bonds, issued by VRL's subsidiary Vedanta Resources Finance II Plc (VRF2), and unconditionally and irrevocably guaranteed by VRL, to 'B+' from 'B-' with Recovery Rating of 'RR4'," the statement said. The upgrade follows a significant reduction in VRL's refinancing risks, after it raised USD 1.1 billion in new bonds and received bank commitments for loans worth USD 350 million at the holding company, formed by VRL and other offshore investment holding companies owned by VRL, in January 2025, the statement said. Once the proceeds are used to refinance existing debt, the

India Inc's leverage to improve in FY26-27 despite high capex: Fitch

The downside risks could materialise if energy prices rise significantly, given ongoing geopolitical risks, cautioned the rating agency