Page 8 - Fitch Ratings

Fitch Ratings affirms 'BBB-' rating on Adani Ports with stable outlook

Fitch Ratings on Thursday affirmed its 'BBB-' rating on Adani Ports and Special Economic Zone Limited with a stable outlook, saying the Hindenburg report has a limited near-term impact on APSEZ's cost of funding. Hindenburg Research in a January 24 report accused Adani group of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. "Fitch Ratings has affirmed India-based port operator Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'. The Outlook is Stable," it said. The Hindenburg report alleging significant governance issues for the Adani Group has triggered a sharp fall in Adani Group entities' equity and bond prices. "The affirmation reflects its view that the Hindenburg report alleging governance issues at the Adani group has a limited

First Republic Bank's rating downgraded to 'B' by Fitch amid cash crunch

The bank is currently operating at a loss and that is not sustainable over the longer term absent a balance sheet restructuring, they said

Fitch Affirms 'BBB-' ratings for Adani Electricity Mumbai's dollar bond

Hindenburg report has limited near-term impact on cost of funding

Markets brace for potential default by Pakistan as $7 bn debt looms

Pak was downgraded deeper into junk by Moody's Investors this week as the country faces its worst economic crisis in decades, with foreign reserves plummeting and inflation soaring to record high

Fitch affirms Adani Transmission restricted group's notes at 'BBB-'

No direct impact of alleged malpractices at group on Credit assessment

Indian banks' performance till Dec 22 exceeds expectations: Fitch Ratings

The sector's impaired-loan ratio declined to 4.5 per cent in the first 9 months of FY23 (9MFY23), from 6.0 per cent at FY22

Rehaul rules to improve financing Indian green projects: Fitch unit

In a report listing steps to revise the framework, the unit of Fitch Ratings said implementing public-sector credit guarantees would help lower financing costs

India's green bonds show policy focus on climate mitigation: Fitch Ratings

The sovereign green bonds issued by India reflects the growing policy focus to scale up domestic financing capacity on climate mitigation and adaptation, said credit rating agency Fitch Ratings.

Bank credit profiles not at much risk from Adani exposure, says Fitch

State-owned lenders could see pressure to refinance group's debt if global market shun it

Indian banks' NIM to contract in FY24 as deposit costs rises: Fitch

Lenders should be able to offset impact by gradually passing on policy rate hikes to corporate loans: Agency

Budget seeks to maintain balance between growth & deficit: Fitch Ratings

The Indian Budget for 2023-24 presented by Finance Minister Nirmala Sitharaman in Parliament seeks to maintain a balance of sustaining a growth focus and deficit reduction, said Jeremy Zook

Indian banks' switch to IFRS norms unlikely to drive rating changes: Fitch

The RBI introduced a discussion paper last week that suggested banks make provisions for bad loans using the expected credit loss (ECL) method

Fitch downgrades Azure Power Energy's rating on governance concerns

There is lack of clarity in impact of holding company's internal controls and compliance framework: Rating agency

Fitch sees risks to India's target of raising natural gas' energy share

Price volatility and infrastructure constraints will challenge India's target of increasing the share of natural gas in its primary energy to 15 per cent by 2030 from 6 per cent in 2017, Fitch Ratings said in a new report Tuesday. "Progress on the target has been minimal - 6 per cent share in 2021 - as natural gas growth has not managed to outpace total energy growth," it said. This is despite resilient demand from city gas distribution (CGD) networks and rising domestic production. Prime Minister Narendra Modi had in 2017 set a target of raising the share of natural gas in the primary energy consumption basket with a view to cutting down emissions. However, the demand for the fuel is rising at a slower rate, with current growth rates only around 53 per cent of levels required for the country to meet a 15 per cent gas use target. Gas demand by 2030 will only reach 326 million standard cubic meters per day at current 4-5 per cent growth rates, much lower than the 611 mmscmd of ...

Fitch affirms India's sovereign rating at BBB- with stable outlook

Fitch said India's robust medium-term growth outlook is a key supporting factor for the rating

Power demand to fall in H2, gencos' receivables to go up: Fitch Ratings

The LPS Rules regulate access to power in case of non-payment of dues by discoms to gencos

Fitch affirms India at 'BBB-', says medium-term growth outlook is key

Fitch said India's rating reflects strengths from a robust growth outlook compared to peers and still-resilient external finances

South Indian Bank's move on tier-2 bond won't disrupt sector: Fitch

Lender decision to not redeem the bonds does not indicate any weakness in capital position, says ratings agency

Strong bank loan growth in FY23 despite higher interest rates: Fitch

Fitch Ratings on Monday said India's bank credit will see strong growth in current financial year despite effects of higher interest rates. It said the strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins. "We see bank credit expanding by around 13 per cent in FY23, up from 11.5 per cent in FY22. The acceleration will be driven by the normalisation of economic activity after the COVID-19 pandemic, and high nominal GDP growth, which we expect to boost demand for retail and working-capital loans," Fitch said in a statement. Fitch forecasts India's real GDP growth at 7 per cent in 2022-23. It said Indian banks generally remain open to additional capital-raising to fund growth, despite the rise in rates. "Private banks are generally better than state banks at capital planning, although moves to raise fresh equity are likely to be opportunistic and incremental," Fitch added. The rating agency expects greater competition for .

Overall commercial-vehicle volume to touch 1 mn units by FY24: Fitch

Domestic commercial-vehicle (CV) sales volume will witness significant growth over the next few years and the overall CV volume is likely to reach close to 1-million units by FY24, a report said on Wednesday. The report by credit ratings agency Fitch Ratings also expects growing demand and the resultant rise in operating leverage to boost the profitability of the domestic CV-focused original equipment manufacturers after FY22, despite elevated production costs. A recovery in medium and heavy CVs from multi-year lows, along with sustained growth in light CV categories, will help overall CV volume to reach close to 1-million units by FY24 the level of the last cyclical peak recorded in FY19, it said. According to Fitch, domestic CV sales volume are expected to grow in the mid-to high-teens over the next few years. Factors like rapid recovery in India's economic activity after the pandemic shock and the government's planned increase in infrastructure spending will help sustain an ...