Page 5 - Moody’s

Moody's affirms PFC's & REC's Baa3 ratings, sees asset quality improving

The asset quality of the companies, due to their increasing loan exposure to state power distribution companies (DISCOMs), is expected to remain stable

Moody's upgrades Tata Power rating to Ba1, maintains stable outlook

According to a report from Moody's, the rating upgrade to Ba1 is driven by Tata Power's solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating

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

Moody's rpt on Aadhaar made assertions without citing any evidence: UIDAI

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday. The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable. "A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement. The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it. "The investor service did not make any

Moody's upgrade Tata Steel to investment grade on debt reduction efforts

The upgrade reflects our expectation of the continued strength in Tata Steel's credit profile due to the company's solid market position in India," the ratings agency said

Moody's ups GDP projection to 6.7% for CY2023 on robust economic momentum

Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. "Given the robust underlying economic momentum, we also recognise further upside risk to India's economic growth performance," it added Moody's said since the second quarter outperformance creates a high base in 2023, "we have lowered our 2024 growth forecast from 6.5 per cent to 6.1 per cent". India's monsoon season which runs from June to October could also see below average rainfall, resulting in higher food prices. So far, as of August 29, the India Meteorological Department has estimated a 9 per cent rain deficiency across the ...

India Inc's leverage to stablise; refinancing risk to remain low: Moody's

Agency's report on non-finance entities says earnings growth will be a function of lower prices of key commodities

Moody's downgrades Azure Power Energy and Azure Power Solar Energy

The one-notch downgrade of APE's and APSEP's debt ratings has been driven by governance issues related to internal controls and compliance

Moody's affirms Yes Bank's ratings, financial performance to remain stable

Moody's Investors Service on Friday said it has affirmed Yes Bank's ratings on the back of expectation that its financial performance will remain stable over the next 12-18 months. The long-term foreign and local currency bank deposit ratings and foreign currency issuer rating has been affirmed at 'Ba3', with a stable outlook. "The rating affirmation and stable outlook is driven by the improvement in India's macro profile to 'moderate+' from 'moderate', along with Moody's expectation that Yes Bank's financial performance will remain stable over the next 12-18 months," Moody's said in a statement. The agency expects Yes Bank's asset quality to be stable as the bulk of its legacy problem assets have been resolved, while India's good economic momentum will support the performance of its newly originated loans. The bank's gross non-performing loan ratio declined to 2.2 per cent at the end of March 2023 from 13.9 per cent a year earlier, following its sale of non-performing loans (NPL)

Biz route taken by India's renewable IPPs to mirror credit quality: Moody's

According to Moody's, the paths chosen by the renewable energy IPPs will have a varying impact on their respective business and financial risk profiles

FinMin to meet Moody's on June 16, to pitch for sovereign rating upgrade

The Indian finance ministry officials will meet credit rating agency Moody's Investors Service on June 16 and pitch for a sovereign rating upgrade, two government sources told Reuters

Pakistan could default in the absence of IMF bailout loans, warns Moody's

Pakistan is struggling to restart a $6.5 billion bailout program from the Washington-based lender, which has stalled after the government failed to meet some loan conditions

Oyo may log positive Ebitda of $50-55 million this FY, says Moody's

Moody's said it could downgrade the ratings if OYO's cash burn does not "reduce significantly" over the next 12-18 months

Moody's lowers Vedanta Resources' rating, flags rising refinancing risks

Rating agency maintains negative outlook on firm

India's Q4 economic growth in 2022 to be temporary: Moody's Analytics

The country's economic slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures out of the economy without stopping it wholesale

Moody's downgrades long-deposit ratings of five Pakistani banks amid crisis

Moody's Investors Service has downgraded the long-term deposit ratings of five Pakistani banks to Caa3 from Caa1, The Express Tribune reported

Moody's affirms Baa1 rating for TCS, Infosys, sees growth slowing in FY24

IT services companies expected to maintain businesses growth and market position

Moody's maintains ratings of 8 Adani cos, changes outlook on 4 to negative

Affirmation of APSEZ's issuer ratings considers the company's strong market position as the largest port developer and operator in India by cargo volume and its strong liquidity and financial profile

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 upgrades ratings for PNB, Canara Bank and Bank of Baroda to 'Baa3'

India's improving macros, banks improving credit profile trigger upgrade