Page 5 - S&p Global Ratings

India outpaces peers in light vehicle sales growth: S&P Global Mobility

Sales grew 35% in CY23 compared to pre-pandemic level of CY19

CRISIL Q4 results: Profit jumps 33% to Rs 210 cr on back of currency gains

Domestic rating agency Crisil, majority owned by S&P Global, on Friday reported a 33 per cent jump in net profit at Rs 210 crore for the December 2023 quarter. The city-headquartered company said its income from operations rose 11.6 per cent in the reporting quarter to Rs 917.7 crore, while total consolidated income grew 13.4 per cent to Rs 953.6 crore from Rs 840.6 crore in the corresponding quarter of the previous year. The company also announced a final dividend of Rs 28/share, taking the total dividend for the year to Rs 54/share against Rs 48 in the previous year. The company, in a statement, said the bottom line was boosted by a one-off gain of Rs 29.4 crore due to the sharp devaluation of the Argentinian currency peso in December. For the full year ending December 2023, its consolidated income from operations rose 13.4 per cent to Rs 3,139.5 crore from Rs 2,768.7 crore in the previous year, and consolidated total income gained 11.6 per cent to Rs 3,246.4 crore from Rs ...

Deposits paucity may hit Indian banks credit growth in FY25: Report

Private lenders with high loan-to-deposit ratio more vulnerable, says S&P

Credit growth in India expected to moderate to 14% in FY25: S&P Global

Credit growth in India is expected to moderate to 14 per cent in FY25 from the existing 16 per cent as deposit growth is unable to keep pace with loans, a global rating agency said in a report. "Deposit tightness will remain a system overhang. Our base case is for loan growth to slightly moderate, leading to manageable competition for deposits. Indian banks will have to strike a fine balance between maintaining strong loan growth and paying more for deposits to fund that growth," S&P Global Ratings said. If the clash for deposits gets fiercer, Indian banks will take a hit, either with slimmer margins or slower growth, it said. "Credit demand is strong. The economic backdrop is highly conducive to growth. Asset quality is improving, buoyed by a confluence of supportive structural and cyclical factors. All that India's banks are missing is a boom in deposits," it said. As per the report, system-level credit growth to moderate to 14 per cent in 2024-25 from about 16 per cent ...

Buoyant demand pushes India's services PMI to 6-month high in January

January figure marks 30 months of the index remaining above the 50-mark since July 2021. A reading above 50 in the survey indicates expansion of the sector and a figure below that suggests contraction

Bank credit growth may slow in FY25 on tight liquidity: S&P Global Ratings

Reflecting a robust economic growth, bank credit grew 16 per cent year-on-year (Y-o-Y) till January 12 in the current financial year against 16.5 per cent growth last year

India's manufacturing PMI rises to four-month high of 56.5 in January

New orders placed with Indian goods producers rose at a sharp pace in January and were the strongest in four months

India business growth at four-month high in January, shows survey

That put the index above the 50-mark that separates expansion from contraction for the 30th consecutive month

S&P upgrades Adani Ports, Adani Electricity rating on cash flow optimism

For Adani Electricity, the agency expects its ability to generate operating cash flow compared to its debt to improve to above 10% in fiscal 2024 and 2025

S&P Global Ratings ups long-term issuer credit rating on Vedanta Resources

S&P Global Ratings on Monday said it has raised long-term issuer credit rating on Vedanta Resources. The rating has been upgraded to 'CCC+' from 'selective default'. On January 12, S&P Global Ratings downgraded debt-laden Vedanta Resources Ltd to 'selective default' after the mining conglomerate concluded a deal with creditors to extend the maturities of its three dollar bonds. S&P Global Ratings has also raised its long-term issue ratings on the company's outstanding bonds due in January and August this year, and March next year to 'CCC+' from 'D'. "Completion of the liability management exercise has alleviated refinancing risk for Vedanta Resources, although liquidity risks remain," S&P Global Ratings said in a statement. At the same time, S&P Global Ratings has raised its long-term issue rating on its April 2026 bond, which was not part of the liability management, to 'CCC+' from 'CCC'. The stable outlook on the London-headquartered firm reflects the high ...

S&P downgrades Vedanta Resources to selective default after debt extension

S&P Global Ratings has downgraded debt-laden Vedanta Resources Ltd to 'selective default' after the mining conglomerate concluded a deal with creditors to extend the maturities of its three dollar bonds. "We view Vedanta Resources' just concluded liability management exercise, which involved three of its US dollar-denominated bonds, as a distressed transaction," the rating agency said in a statement. The junk-rated Vedanta had last week stated that its bondholders have approved extension of the maturities of USD 3.2 billion of bonds maturing in 2024 and 2025. Under the deal, the company will pay USD 779 million upfront, with the remaining principal extended by as much as four years. "On January 12, 2024, we lowered our long-term issuer credit rating on Vedanta Resources to 'SD' (selective default) from 'CC'. We also lowered the issue ratings on the company's bonds due January 2024, August 2024, and March 2025 to 'D' from 'CC'," S&P said. The issue rating on the UK- and ...

Growth of emerging economies to be strength for many govts in APAC: S&P

Growth of Asian emerging and developing economies will still be a credit strength for many governments in the region, S&P Global Ratings has said, as it expects to retain credit ratings of APAC economies over the next one to two years. Out of the 21 countries, to which S&P gives a sovereign rating in the Asia-Pacific (APAC) region, 19 have a stable outlook. The US-based agency has a 'BBB-' rating on India, with a stable outlook. In its report 'Asia-Pacific Sovereign Rating Trends 2024', S&P said most sovereign ratings in Asia-Pacific are investment grade with the average rating in the region lying between 'BBB' and 'BBB+'. A deterioration in the Russia-Ukraine war or the conflict in the Middle East likely poses the most risk to stable sovereign outlooks in Asia-Pacific, S&P said. The stable outlooks on practically all long-term foreign-currency sovereign ratings in the region (19 out of 21 ratings in Asia-Pacific) suggest there will be few, if any, changes in the next .

Vedanta Resources prioritising private credit facility, says S&P Global

Analysts with S&P on the call noted that the liability management exercise is not as straightforward as seen in this region or globally

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

India to drive Asia Pacific growth as China's fortunes wane, says S&P

On the other hand, China's growth is projected to slow to 4.6 per cent in 2026 from 5.4 per cent in 2023

LIC fourth largest insurer in the world based on reserves: S&P Global study

The state-owned insurer is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company

India set to become third-largest economy by 2030: S&P Global Ratings

S&P said that India will be the fastest-growing emerging market in the world, but its paramount test will be whether the country can become the next big global manufacturing hub

India's manufacturing PMI rises to 56 in November on easing prices

The survey also notes that there was a substantial increase in the overall levels of new work received by Indian goods producers in November

S&P Global, Morgan Stanley peg India's GDP growth at 6.4% in 2024

Those at Goldman Sachs, on the other hand, see the Indian economy growing a tad lower at 6.3 per cent in the year ahead.

S&P Global hikes India's FY24 GDP growth forecast by 40 bps to 6.4%

However, for FY25, the GDP growth projection has been slashed by 50 basis points (bps) to 6.4 per cent