Page 2 - Rating Agencies

India's financial conditions improved significantly in Dec: CareEdge

External factors like geopolitical tensions and energy prices must be monitored, says rating agency

Moody's upgrades Tata Motors' ratings to Ba3; outlook remains positive

It also upgraded Jaguar Land Rover Automotive Plc's (JLR) CFR to "Ba3" from "B1"

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 ...

RBI repo rate cut possible only in Jul-Sep quarter next year: Icra

Domestic ratings agency Icra on Monday said it expects a rate cut by the Reserve Bank to happen only in the July-September quarter next year. The overall cuts in the cycle will be a "shallow" 0.50-0.75 per cent, the agency said. A rate hike by RBI is possible only if the headline inflation is at over 6 per cent for two consecutive quarters, the agency said. "The MPC's (Monetary Policy Committee) latest forecasts suggest inflation will remain above 5 per cent through Q1 FY2025, based on which we have pushed out our forecast for the earliest cut to Q2 FY2025," the agency said. The official data released on Monday said consumer price inflation (CPI) spiked to a 15-month high of 7.4 per cent for July. "The data for food prices for early August 2023 is not very promising, and we expect the headline CPI inflation to print above the 6.5 per cent mark in August, before cooling off materially in September," its chief economist Aditi Nayar said. She attributed the much sharper than expecte

Indian Overseas Bank soars 15% as Care Ratings assigns 'A1+' rating to CoD

The rating for Rs 10,000-crore certificate of deposits (CoD) factors-in the long track record of operations, comfortable capitalisation levels, diversified advances book and deposit base

Vedanta Resources needs to be proactive about refinancing $1 bn bond: S&P

In April this year, the rating agency said that a credible refinancing plan at least six months before maturity, due in Jan 24, would be important to maintain the current rating

Fitch says outlook for Tata Steel positive, stable for JSW Steel

Rating for companies based on their EBITDA growth and improved finances

Reforming the rating agencies

Restoring their credibility is crucial in order to make the world a fairer and flatter place

Crisil Ratings upgrades outlook on Jindal Stainless to 'positive'

Jindal Stainless Ltd (JSL) on Thursday said Crisil Ratings has revised its outlook on the stainless steelmaker's long-term bank facilities and debt programme to 'AA' with a positive outlook. The rating agency has revised its outlook in view of the company's improved business risk profile, an expected uptick in scale and forward integration with capacity expansion and acquisitions, JSL said in a statement. "JSL has earned an outlook upgrade of Positive from Stable from the CRISIL Ratings on the long-term bank facilities and debt programme, and a reaffirmed rating at CRISIL AA-. Meanwhile, the rating on the short-term bank facilities has been reaffirmed at CRISIL A1+," it said. Some of the parameters that CRISIL Ratings took note of in order to elevate the outlook include the completion of the merger process of Jindal Stainless Hisar Limited (JSHL) with the company, the healthy financial risk profile of the company led by strong liquidity, its strategic acquisitions, an agile business

Manufacturing PMI at 3-month high of 56.4 in March as input costs decline

Companies expect customers, new products, advertising to support sales for 12 months: S&P Global survey

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

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

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

Icra revises upwards road logistics sector growth forecast to 11-13%

Rating agency Icra on Tuesday revised its growth estimates for the Indian road logistics sector to 11-13 per cent for the current fiscal against the previous estimate of 7-9 per cent. The rating agency said the growth is supported by a strong demand environment, coupled with the continuation of firm freight rates, also supported by the base effect to an extent, given that FY22 had a weak first quarter due to the second wave of COVID-19. Icra further said it expects revenue growth of the Indian road logistics sector at a higher single digit for F24 over FY23 on an elevated base and continuation of a healthy demand scenario. The debt coverage metrics of the logistic sector are expected to marginally moderate in FY23 and FY24 compared to the FY22 levels, owing to expected debt-funded capital expenditure for vehicle replacement required prior to the introduction of the scrappage policy, along with the rising interest rate regime, it added. Further, Icra said multimodal offerings are ..

ICRA downgrades PTC Financial Services short-term rating over operations

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency

Rating agencies raise red flag: QIP monitoring may hit disclosure wall

Disclosures around utilisation of issue proceeds not as exhaustive as IPOs: Rating agencies

Market regulator Sebi issues guidelines to standardise CRAs' rating scales

The regulator also specified standard descriptors for 'rating watch' and 'rating outlook'

Moody's lowers Vedanta Resources rating to 'B3' implying high credit risk

Persistently weak liquidity, high refinancing needs triggers rating action

Risk to India's sovereign rating from external pressures limited: Fitch

Country relatively insulated from volatility due to limited reliance on external financing, says rating agency

SAT gives relief to Brickwork Ratings, stays cancellation of licence

But keeps Sebi ban on taking up new clients