Page 7 - S&p Global Ratings

S&P retains India's FY24 growth forecast at 6% on slowing world economy

S&P Global Ratings on Monday retained India's growth forecast for current fiscal at 6 per cent citing slowing world economy, rising risk of subnormal monsoons and delayed effect of rate hike. The US-based agency sees the recent spike in vegetable price inflation as being temporary, but revised up the full fiscal retail inflation forecast to 5.5 per cent, from 5 per cent earlier, on higher global oil prices. "Growth this year will be weaker than in 2022, but our outlook remains broadly favourable. Notwithstanding the strong expansion in India in the June quarter, we maintain our forecast for fiscal 2024 (ending March 2024), given the slowing world economy, the delayed effect of rate hikes, and the rising risk of subnormal monsoons," S&P said in its Economic Outlook for Asia Pacific Q4 2023 report. Indian economy grew 7.2 per cent in 2022-23 fiscal year which ended March 2023. While retaining its growth forecast for the current fiscal at 6 per cent, S&P also maintained that .

August PMI services comes at 60.3 on strong order book; output elevated

Services firms indicated the sharpest upturn in new export business since S&P Global services PMI started in September 2014

Indian billionaire Anil Agarwal mulls listing Vedanta businesses separately

The plans stand in contrast to Agarwal's attempts in 2020 to delist Vedanta Ltd to expedite the process of simplifying its corporate structure, which failed

S&P Global downgrades multiple US banks on growing liquidity worries

Borrowing costs globally have also surged, with the US Treasury yields hitting their highest in 16 years as the bond market rout entered its sixth week on Tuesday

S&P Global Ratings revises outlook to negative for Vedanta Resources

S&P Global Ratings on Thursday revised the credit outlook for Vedanta Resources Ltd to negative, citing increased funding risks. The agency has affirmed the 'B-' rating for the company. It indicates a relatively higher credit risk. In a statement, it said Vedanta Resources' weakened access to cash flow from its operating subsidiaries at a time of challenging external financing conditions has raised its refinancing risk. "The company has about USD 3 billion of debt due between now and August 2024," it said. Vedanta Resources is making refinancing progress, but execution risks remain, the agency said.

US ratings downgrade puts focus on remaining nations with top credit grade

Countries with highest credit rating at S&P Global Ratings, Fitch and Moody's Investors Service include Germany, Denmark, Netherlands, Sweden, Norway, Switzerland, Luxembourg, Singapore and Australia

India's services PMI falls to 58.5 in June, lowest in three months

Combined with manufacturing, output prices across the private sector increased at the sharpest pace in over a decade

India's average growth rate likely to be 6.7% till FY27, says S&P

Indian economy is expected to clock an average growth rate of 6.7 per cent till 2026-27 fiscal driven by domestic consumption, S&P Global Ratings Senior Economist (Asia Pacific) Vishrut Rana said on Wednesday. He said the economic growth in the current fiscal is expected to come in around 6 per cent, lower than 7.2 per cent clocked in 2022-23. "We are seeing some headwinds from the trade side which is affecting activity and that is one of the factors that is affecting growth this year," Rana said at a webinar. The factors that are driving the slowdown from 7.2 per cent growth last fiscal are weaker external environment, moderation in pent-up demand, and softening private consumption activity, Rana said, adding, with tighter monetary policy there is expected to be some impact on consumer demand. "We expect 6.7 per cent growth on average over the course of our forecast horizon which extends to FY26-27. This fiscal (2023-24) we expect growth to be 6 per cent," Rana said, adding that .

India's rating upgrade hinges on sustainable fiscal consolidation: S&P

MUMBAI (Reuters) - S&P Global Ratings could consider an upgrade in India's sovereign rating if the country's fiscal metrics improve on a sustained basis and inflation is persistently lower, aided by monetary policy actions, an analyst at the agency said on Wednesday.

Stellar show by banks, but will it continue?

There are challenges ahead. It won't be easy for the banking sector to put up a better performance every quarter

May services PMI at 61.2 as demand remains resilient amid rising inflation

India's headline figure has been in the expansion zone for 23 months straight since August 2021

Indian IT firms to see revenue decelerate by 5%: S&P Global Ratings

S&P Global Ratings rates the three top IT services players: Infosys, HCLTech, and Wipro

S&P affirms India's sovereign rating at BBB-, with stable outlook

The stable outlook on the long-term rating reflects the global credit rating agency's view that India's strong economy and healthy revenue growth will support its weak fiscal settings

S&P affirms BBB- sovereign credit ratings on India, outlook stable

S&P Global added that solid consumer and investment dynamics will propel India's real gross domestic product (GDP) growth to 6 per cent in fiscal 2024

S&P Global unveils enhanced employee benefits with 'People First 9.0'

S&P Global on Tuesday launched "People First 9.0", the latest iteration of its enhanced global benefits policy across all its markets, including India.

S&P Global Ratings upgrades Tata Power to 'BB+' with stable outlook

S&P Global Ratings has upgraded its rating on Tata Power to 'BB+' with a stable outlook. "S&P Global Ratings has upgraded its rating by one notch on the company to BB+ rating with a stable outlook from BB with a stable outlook," Tata Power said in a regulatory filing. Tata Power, together with its subsidiaries and joint entities, has a generation capacity of 14,076 MW, of which 37 per cent comes from clean energy sources. The company has the distinction of being among the top private players in each sector of the value chain, including solar rooftops and value-added services.

S&P upgrades Tata Motors' long-term issuer, issue credit ratings to 'BB'

A "BB" rating signifies that the entity is less vulnerable in the near-term but faces major ongoing uncertainties due to adverse business, financial and economic conditions

US business activity rises to 11-month high in April: S&P Global survey

S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 53.5 this month

India's services PMI rises for 20th consecutive month but lower than Feb

In February, the service sector PMI was at a 12-year high of 59.4

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