Page 6 - S&p Global Ratings

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

Hike in risk weights to affect banks' CAR by 60 basis points: S&P Ratings

The lending poses a risk for incremental nonperforming loans (NPLs). The increase in risk weights by the RBI is a prudent step, it said

India's economy showed strong growth, retained 6% forecast in FY24: S&P

S&P Global Ratings on Wednesday said India's economy has a track record of strong growth and retained its 6 per cent growth forecast for current fiscal year. In Asia-Pacific Credit Outlook 2024 titled 'Slowing Dragons, Roaring Tigers', S&P said gradual capital deepening, favourable demographics, and improving productivity are essential growth factors. "India's economy has a track record of strong growth. We expect this momentum to continue and forecast growth of 6 per cent for FY 2024, then 6.9 per cent for FY 2025 and FY 2026," S&P said. It said India's economic growth shines brightly. However, its yields remain higher, as they have been historically, which puts additional pressure on the cost of funding India's large debt stock. While growth supports market confidence and revenue generation, rates dynamics will be an additional determinant of India's debt trajectory over the next few years, the US-based rating agency said. Gradual capital deepening, favourable ...

India's Oct services PMI falls to 58.4 vs 61 in Sept on rising inflation

In October, there were faster increases in input costs and output charges, with rates of inflation outpacing their respective long-run averages

India's October manufacturing PMI slips to 55.5, lowest in eight months

The hiring activity and business confidence slipped to a five-month low in October, said S&P Global

Services sector in Sept sees strongest output in 13 years; PMI rises to 61

The latest data showed a substantial increase in new business placed with Indian service providers, one that was the second-fastest since June 2010

India's September services PMI hits 61 on positive demand environment

September's expansion in output was associated with effective marketing, favourable demand conditions and strong influxes of new business

Manufacturing PMI at five-month low in Sept but remains strong: Survey

Job creation in industry continues as firms continue getting new business, says S&P Global

S&P Global Ratings downgrades Vedanta Resources, puts it on credit watch

Vedanta to spin off, list six businesses to fuel growth