Moody's Ratings

Moody's upgrade Tata Motors' ratings by two notches, keeps outlook positive

Moody's Ratings on Wednesday said it has upgraded Tata Motors Ltd's corporate family rating by two notches to Ba1 from Ba3 citing sound governance practices, particularly the company's creditor-friendly financial policies, track record and management prudence. The ratings agency also said it has upgraded Tata Motors Ltd's (TML) senior unsecured instruments' ratings to Ba1 from Ba3. As per Moody's obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk. Moody's said in a statement that it has also maintained the positive outlook on all ratings. "TML's two-notch rating upgrade with a positive outlook follows the company's sustained track record in achieving revenue growth, improving profitability and reducing debt using its large free cash flow despite its elevated capital expenditure to refresh its products," Moody's Ratings Senior Vice President Kaustubh Chaubal said. The latest rating action considers the impact of TML's sound ...

India to remain fastest growing Asia-Pacific economy, predicts Moody's

Moody's Ratings on Thursday said India will remain the Asia-Pacific region's fastest-growing economy in 2024, sustaining last year's domestically driven momentum. In a report titled Credit Conditions Asia-Pacific H2 2024 Credit Outlook, Moody's Ratings said Indonesia, the Philippines and India led the way in terms of growth in first half of 2024 and should continue to outperform pre-COVID growth numbers on the back of rising exports, local demand and government spending on infrastructure. "India will remain the region's fastest-growing economy, sustaining last year's domestically driven momentum. We anticipate policy continuity after the general election, and a continued focus on infrastructure development and encouragement of private sector investment," it said. Moody's said stronger portfolio inflows are likely in India and ASEAN economies, because of robust corporate credit metrics and appealing valuations. Last month, the rating agency projected India to grow 6.8 per cent in t

Renewables, transmission to fuel power sector investment: Moody's

India needs $190-215 bn for 500 Gw renewable goal by 2030

India to spend up to $385 bn to meet renewable energy target: Moody's

India, a major greenhouse gas emitter, has said it aims to ramp up non-fossil fuel capacity set by 50 GW each year to help meet its 500 GW target.

Boeing Co's revival road map put to test by dwindling time and cash

Chief Executive Officer Dave Calhoun put an optimistic spin on the embattled company's outlook as he presented Boeing's earnings on Wednesday

Moody's Analytics forecasts India's economy to grow by 6.1% in 2024

Moody's Analytics reported that India's output is currently 4% below what it would have been without the impact of the Covid-19 pandemic

Moody's maintains stable outlook for India, cautions on political tensions

Moody's cautioned that a continued increase in the debt burden could weaken India's fiscal strength and put downward pressure on the rating

Boeing at risk of downgrade by Moody's Ratings over cash flow concerns

Boeing on Monday announced a management shakeup that includes Chief Executive Officer Dave Calhoun stepping down at the end of the year

Israel's finance minister criticises Moody's credit rating downgrade

Israel's finance minister on Sunday slammed the decision by financial ratings agency Moody's to downgrade Israel's credit rating, saying the announcement is a political manifesto that did not include serious economic claims. Moody's dropped the rating on Israel's debt on Friday, warning that the ongoing war in Gaza and a possible war in the north with Hezbollah could adversely affect Israel's economy. It is the first time Moody's has lowered Israel's credit rating, which is used by investors to measure the riskiness of investing in a global entity or government. Moody's downgraded Israel from A1 to A2 and said the outlook for the country's economy was negative. The A2 rating nonetheless continues to carry relatively low risk, according to Moody's. Finance Minister Bezalel Smotrich angrily dismissed the decision. The announcement reflects a lack of confidence in Israel's security and national strength, and also a lack of confidence in the righteousness of Israel's path against its ..

Moody's downgrades senior unsecured bonds issues by Vedanta Resources

Ratings agency Moody's Investors Service on Tuesday said it has downgraded its rating on the senior unsecured bonds issued by Vedanta Resources to Ca from Caa3. The rating for the Corporate Family Rating (CFR) of Vedanta Resources was also downgraded to Caa3 from Caa2, Moody's said. "We view the debt restructuring as default avoidance and assess that the creditors have incurred an economic loss with respect to the original promise. We consider the transaction to be a distressed exchange under our criteria, which underpins our downgrade of VRL's ratings," Moody's Senior Vice President Kaustubh Chaubal said. Last week, Vedanta Resources, the UK-headquartered parent company of Vedanta group, received bondholders' approval to restructure four series of bonds. "Proforma the debt restructuring, holdco VRL's near-term liquidity will improve only slightly and its refinancing wall will start building up as it approaches its next bond maturity in April 2026. "Furthermore, a springing covena

Domestic demand to sustain India growth in the near term, says Moody's

Economy's strong second-quarter momentum continued in the third quarter, says agency's 'Global Macro Outlook 2024' report

Strong domestic demand to support India's near-term growth: Moody's

Moody's Investors Service on Thursday retained India's economic growth forecast for 2023 at 6.7 per cent and said strong domestic demand will likely sustain the growth in the near term. With exports remaining weak against an unfavourable global economic backdrop, Moody's in its Global Macroeconomic Outlook 2024-25 said sustained domestic demand growth is propelling India's economy. "We expect India's real GDP to grow about 6.7 per cent in 2023, 6.1 per cent in 2024 and 6.3 per cent in 2025," Moody's said. India's real GDP rose 7.8 per cent year-over-year in June quarter, up from 6.1 per cent in March quarter and bolstered by a 6 per cent increase in household consumption and solid capital expenditure and service sector activity. India's growth momentum remains strong and we expect the economy to grow 6.7 per cent in 2023, as it did in 2022, it said. Moody's said high-frequency indicators show that the economy's strong June quarter momentum carried into July-September as well. "Ro

Vedanta tanks 6% as Moody's downgrades corporate family rating to Caa2

The downgrade reflects the elevated risk of debt restructuring over the next few months because VRL has not made any meaningful progress on refinancing its upcoming debt maturities, Moody's said

Portion of Adani Group's capital expenditure is deferrable: Moody's

Moody's also said the adverse developments relating to the Adani Group - rapid decline in market value of the group company's shares- will impact the group's ability to raise capital

Moody's slashes India's GDP growth forecast for 2022 by 70 bps to 7%

Weak rupee, and high oil prices cited as reasons for the downward revision

Moody's slashes India's economic growth forecast to 7.7% for 2022

Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis. Moody's had in May projected India's GDP to expand by 8.8 per cent this year. The economy grew by 8.3 per cent in 2021 and contracted by 6.7 per cent in 2020, the year when the pandemic struck the country. In its update to Global Macro Outlook 2022-23, Moody's said India's central bank is likely to remain hawkish this year and maintain a reasonably tight policy stance in 2023 to prevent domestic inflationary pressures from building further. Our expectation that India's real GDP growth will slow from 8.3 per cent in 2021 to 7.7 per cent in 2022 and to decelerate further to 5.2 per cent in 2023 assumes that rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis, Moody's ...

Moody's slashes India's 2022 GDP growth forecast by 30 bps to 8.8 per cent

In its update to Global Macro Outlook 2022-23, Moody's said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year

Moody's revises outlook on Vedanta to negative; affirms B2 rating

Debt maturities to stay elevated in Fy23; Fy24

Vedanta up 8% as Moody's sees no impact on credit quality post biz spin-off

Vedanta had recently announced that its board of directors have formed a subcommittee to evaluate a potential spinoff of its aluminum, iron and steel, and oil and gas businesses into separate listed c

Does India have a case for the upgrade it seeks from rating agencies?

The economy is yet to reach pre-pandemic level on many fronts, fiscal deficit and debt-to-GDP ratio remain pain points; however, key reforms could work in the country's favour