Page 5 - Fitch

India's cotton production to fall by 1% due to lackluster rainfall: Fitch

Fitch Solutions said on Tuesday it expects cotton production in India to fall by one per cent year-on-year to 28.3 million 480lb bales in 2021-22

India continues to 'lag way behind' in Covid-19 vaccination: Fitch

Fitch Ratings on Tuesday said India continues to "lag way behind" in COVID vaccination, and the negative outlook on sovereign rating signifies the rising debt-to-GDP ratio. In April 2021, Fitch affirmed India's sovereign rating at 'BBB-' with a negative outlook. The outlook was changed to 'negative' from 'stable' in June last year on grounds that the pandemic had significantly weakened the country's growth outlook and exposed the challenges associated with a high public-debt burden. Addressing the Global Sovereign Conference 2021, Asia-Pacific, Fitch Ratings Senior Director, Head of Asia-Pacific Sovereign Ratings, Stephen Schwartz said vaccination is the key to economic recovery across the world. "The (APAC) region which was so successful in containing the virus early on, got behind the curve when it came to rollout of vaccines. Singapore really stands out now with 80 per cent of its population being vaccinated. But many countries in the region like Vietnam, Thailand and India ...

LIVE: Anti-Taliban forces claim to have 3 districts in Afghanistan's north

Fitch Solutions also said that its currency may slide further than it already has following Taliban's takeover

Afghanistan GDP may slump 20%, currency may slide further: Fitch Solutions

"It is likely that the economy will contract sharply this year," Anwita Basu, head of Asia Country Risk at Fitch Solutions

Asia Pacific telecom industry to consolidate in pursuit of 5G scale: Fitch

Tough competition and advantages of scale will drive consolidation in the Asia Pacific telecoms industry ahead of higher 5G investments, according to Fitch Ratings

India's electric vehicle sales to grow at 26% in FY21-23: Fitch Solutions

The recently announced EV incentives by India along with high fuel prices will be supporting factors for stronger adoption over 2020-2023, leading to an average annual growth rate of 26%, Fitch said

Inflation impact on sovereigns depends on real interest rates: Fitch

Higher levels of global government debt as a result of the coronavirus pandemic have made sovereign creditworthiness increasingly sensitive to interest rate changes.

Economic activity down in April, May but shock less severe than 2020: Fitch

Fitch Ratings said the shock to economic activity from the latest wave of Covid-19 pandemic will be less severe than the one in 2020

India to breach fiscal deficit target in FY22: Fitch Solutions

India is likely to breach its fiscal deficit target in the financial year to March 2022 mainly due to revenue shortfall, Fitch Solutions said Friday. The government is targeting a deficit between revenue it earns and what it spends at 6.8 per cent of the gross domestic product (GDP) in FY22 (April 2021 to March 2022). "We at Fitch Solutions forecast the Indian central government deficit to come in at 8.3 per cent of GDP in FY22," it said. "Revenue shortfall remains the main driver of our wider deficit view, as we expect the government to maintain its spending targets." Fitch Solutions had previously projected a fiscal deficit of 8 per cent. "The main driver of our deficit forecast revision is a downward revision to our outlook for revenues, given that the flare-up in COVID-19 cases in India and containment measures in place will hamper India's economic recovery, which will have a negative impact on fiscal revenues," it said. Central government expenditure is likely to be around t

Fitch revises positive outlook on Future Retail Ltd, affirms rating at 'C'

Fitch Ratings has affirmed Future Retail Ltd's (FRL's) issuer default rating at 'C' and the rating on its USD500 million 5.6 per cent senior secured notes due 2025 at 'C'

India remains badly placed to tackle Covid spread: Fitch Solutions

The unprecedented crisis has highlighted the need to increase investment in the healthcare sector: Fitch

Second wave of Covid-19 to take a toll on Indian healthcare system: Fitch

India remains badly placed to tackle the rapid spread of Covid-19 despite several reforms and the unprecedented crisis has highlighted the need to increase investments in the healthcare sector

Fitch sees Reserve Bank of India holding interest rates through FY22

Fitch Solutions sees RBI keeping benchmark interest rates unchanged during the fiscal to March 2022 following its decision to buy Rs 1 trillion of government bonds

Second Covid-19 wave heightens risks for Indian banks, says Fitch

Agency already sees moderately deteriorating environment for sector in 2021. Headwinds will intensify if rising infections and follow-up measures to contain the virus further affect business

Asia Pacific banks to face portfolio valuation losses as yields rise: Fitch

A rise in yields for long-dated sovereign bonds will result in near-term losses for the A-Pac banks as they recognise valuation changes on their available-for-sale bond portfolios, according to Fitch

Strong govt support behind India's residential construction sector: Fitch

Driven by sustained demand for housing and supportive government policy, residential building will see a strong rebound in 2021 and robust growth over the coming decade, according to Fitch Solutions

Adani Ports credit profile unaffected by Gangavaram Port acquisition: Fitch

The company says the proportion of cargo from western and eastern coasts will shift to 60 percent and 40 percent respectively from 67 percent and 33 percent currently

Fitch, S&P rate IRFC's proposed USD senior unsecured notes at BBB-minus

Fitch Ratings has assigned Indian Railway Finance Corporation's (IRFC's) proposed US dollar Regulation senior unsecured notes a rating of BBB-minus.The proposed notes will be issued under IRFC's existing four billion dollars global medium-term note programme.The net proceeds from proposed notes will be used for funding acquisition of rail assets which IRFC will lease to Indian Railways, and to meet debt-financing requirements of various entities in the railway sector.Fitch said the proposed notes are rated in line with IRFC's issuer default rating on the basis that the notes issued under the programme will constitute direct, unconditional and unsecured obligations of IRFC and rank pari passu (on equal footing) with all its other present and future outstanding unsecured and unsubordinated obligations.Meanwhile, S & P Global also assigned BBB-minus rating to long-term foreign currency issue rating to IRFC's proposed benchmark size senior unsecured US dollar notes.

India's peoposed discom reform plan to benefit gencos in long term: Fitch

Fitch said discoms are saddled with huge accumulated losses due to a combination of crippling debt, expensive power, technical and commercial losses, and less-than-commensurate increases in tariffs

Fitch Solutions revises forecast, says Indian rupee to trade weaker in 2021

We see depreciatory pressure on the rupee due to worsening terms of trade from rising oil prices, further monetary easing, it said