Page 10 - S&p

Top headlines: S&P keeps India's rating at BBB-; PM interacts with athletes

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

Top headlines: RBI extends restrictions on PMC, Franklin moves SAT, & more

Business Standard brings you the top news of the evening

Fiscal health of Indian state govts to worsen due to Covid-19: S&P

This is despite a likely rebound in the economy over the next 12-24 months, says rating agency

S&P revises ICICI Bank credit rating outlook to stable from negative

S&P Global Ratings on Friday said it has revised the rating outlook on ICICI Bank Ltd to stable from negative on grounds that the lender will benefit from the sale of stake in subsidiaries. The rating agency affirmed its 'BBB-' long-term and 'A-3' short-term issuer credit ratings on ICICI Bank. "We revised the rating outlook to reflect our view that ICICI Bank will maintain its strong capital position over the next 24 months. The bank will benefit from the sale of a stake in subsidiaries and gradual normalization of earnings, which should reduce risks associated with its capital position," it said. In a statement, S&P forecast that ICICI Bank will maintain a risk-adjusted capital (RAC) ratio of more than 10 per cent over the next 24 months. "Our expectation factors in 13-14 per cent credit growth for the bank, an improvement in earnings, and sale of stake in insurance subsidiaries over the period," it said. ICICI Bank's stressed loans (non-performing loans and restructured ...

Credit losses set to decline for most Asia Pacific banks, says S&P

Credit losses are set to fall across most Asia Pacific banking systems over the next two years, S & P Global Ratings said on Tuesday.This is partly because targeted assistance to stretched borrowers will likely continue in many places until pandemic-related challenges substantially abate."Asia Pacific banks should safely avoid a 'cliff effect' even as extensive relief measures are progressively removed," said S & P Global Ratings credit analyst Sharad Jain.Moratoriums on loan repayments -- together with fiscal, monetary and policy support -- have helped cushion the blow to borrowers in Asia Pacific from the Covid-19 outbreak and containment measures.Repayment moratoriums have fallen to less than 5 per cent of system loans for a number of Asia Pacific countries compared with between 6 and 80 per cent at the height of pandemic.S & P forecast credit losses for the 12 larger banking systems in Asia-Pacific: Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New ...

Standard and Poors affirms BB/B ratings on IDBI Bank with negative outlook

S & P Global Ratings has affirmed BB long-term and B short-term foreign currency issuer credit ratings on IDBI Bank.It also affirmed BB programme rating on the senior unsecured notes under its medium-term notes (MTN) programme and then withdrew the ratings at the bank's request.S & P said the outlook was negative at the time of withdrawal. "We affirmed the ratings because we expect IDBI Bank's improving financial performance to offset the risk of bank's weakening link with the government."The Union Cabinet has approved strategic disinvestment along with the transfer of management control in IDBI Bank. "We considered this as a key transition risk for the rating over the next 12 to 18 months."The high uncertainty associated with an eventual timeline of divestment raises further transition risk. S & P said the strategic sale in IDBI Bank will likely be challenging in the current year owing to the bank's low equity valuation and wary investor sentiment under Covid-19.S & P

Women CEOs show more inclusive leadership style during Covid peak: S&P

Women CEOs emphasised empathy, adaptability, accountability and diversity more frequently than their male peers in public communications during the peak of Covid-19 pandemic, according to a new analysis from S & P Global in collaboration with researchers from the University of Paris.On average, women CEOs scored higher for positive sentiment and used words related to trust more frequently than men.Utilising advanced natural language processing of 4,958 earnings calls conducted from January 1, 2019 through December 31, 2020, the report represents the results of a joint project between analysts, data scientists and academics affiliated with S & P Global's recently launched Diversity Research Lab and Pantheon-Assas Management Science Research Laboratory (LARGEPA), the management science laboratory within the University of Paris 2 Pantheon-Assas."Our research identified clear gender affinities for key concepts and words during the peak pandemic period across nearly 8,500 companies

Cyberattacks could trigger more rating actions on banks, says S&P

The banking sector is becoming more exposed to cybercrime after the Covid-19 pandemic accelerated digitalization and remote working

Rise in cyber crime post Covid is growing risk to bank ratings: S&P

The banking sector is becoming more exposed to cyber crime after Covid-19 pandemic accelerated digitalisation and remote working, S & P Global Ratings said on Tuesday.Cyber attacks can harm credit ratings mainly through reputational damage and potential monetary losses, it said in a report titled 'Cyber Risk In A New Era: The Effect On Bank Ratings.'"Cyber attacks have had only a limited effect on bank ratings to date but can trigger more rating actions in the future as cyber incidents become more frequent and complex," said Credit Analyst Irina Velieva.Banks and other financial institutions are attractive targets for cyber criminals because they possess valuable personal data and play a critical role in servicing particular financial or economic needs and segments.Institutions with weak risk governance are less prepared for, and therefore more vulnerable to cyber attacks, said S & P in the report."Although it is crucial to learn from previous attacks and strengthen cyber-risk

S&P 500, Dow slip as telecom stocks eclipse upbeat results from retailers

Despite strong results, Home Depot's shares came under pressure due to the lack of a solid outlook and disappointing housing data.

Strengthening of steel prices to support Tata Steel's deleveraging: S&P

Sustained steel prices at these levels could lead to upward rating pressure.

India's sovereign rating to remain at current level for next 2 years: S&P

S&P Global Ratings on Friday said India's credit rating would be retained at the current level for the next two years, and the country will see a slightly faster pace of growth in the next couple of years that will support its sovereign rating. S&P, which had in March seen the Indian economy growing by 11 per cent in the fiscal year to March 2022, saw GDP growth rate dropping to 9.8 per cent under the 'moderate' scenario, where infections peak in May, and falling to as low as 8.2 per cent in 'severe' scenario under which caseload would peak only in late June. Speaking at a webinar on 'What A Drawn Out Second COVID Wave Means For India', S&P Global Ratings Director - Sovereign and Public Finance Ratings - Andrew Wood said in the moderate downside scenario there would not be any major impact on the government's fiscal position. There could be upside pressure on general government fiscal deficit forecast of 11 per cent as revenue generation would be weaker, but debt stock ...

Covid impact: S&P slashes India's GDP growth forecast to 9.8% for FY22

S&P Global Ratings on Wednesday slashed India's GDP growth forecast for the current financial year to 9.8 per cent saying the second COVID wave may derail the budding recovery in the economy and credit conditions. The US-based rating agency in March had a 11 per cent GDP growth forecast for India for the April 2021-March 2022 fiscal on account of a fast economic reopening and fiscal stimulus. S&P, which currently has a 'BBB-' rating on India with a stable outlook, said the depth of the Indian economy's deceleration will determine the hit on its sovereign credit profile. The Indian government's fiscal position is already stretched. The general government deficit was about 14 per cent of GDP in fiscal 2021, with net debt stock of just over 90 per cent of GDP. "India's second wave has prompted us to reconsider our forecast of 11 per cent GDP growth this fiscal year. The timing of the peak in cases, and subsequent rate of decline, drive our considerations," said S&P Global ...

S&P downgrades Future Retail's issuer credit rating on debt recast

The rating agency might look at an upgrade after liquidity review

Second Covid-19 wave heightens downside risks to India's GDP, says S&P

The country is already facing a permanent loss of output versus its pre-pandemic path, suggesting a long-term production deficit equivalent to about 10% of GDP

India's second Covid-19 wave may impede economic recovery, says S&P

(Reuters) - Credit rating agency S&P Global said on Wednesday the second wave of COVID-19 infections in India could impede the country's economic recovery and expose other nations to further waves of outbreaks.

India's 'casino' type midcap rally amid Covid may be poised for a break

The S&P BSE Midcap Index has outperformed the benchmark S&P BSE Sensex Index in all but five months since the end of 2019

S&P forecasts 11% growth for India this fiscal, flags impact of lockdowns

S&P Global Ratings on Thursday said the Indian economy is projected to grow at 11 per cent in the current fiscal, but flagged the "substantial" impact of broader lockdowns on the economy. In its report on Asia-Pacific Financial Institutions, S&P said the control of COVID-19 remains a key risk for the economy. New infections have spiked in recent weeks and the country is in the middle of a second pandemic wave. "Our forecast growth of 11 per cent for India in 2021 is followed by a 6.1 per cent-6.4 per cent forecast increase for the next couple of years... Some targeted lockdowns have already been implemented and more will likely be needed. The impact of broader lockdowns on the economy could be substantial, depending on their length and scope," it said. S&P, which currently has a 'BBB-' rating on India with a stable outlook, has forecast an 11 per cent growth in the Indian GDP for the fiscal beginning April 1 on account of a fast economic reopening and fiscal stimulus. As ..

Systemic risk to stay high for Indian banks amid second Covid surge: S&P

The impact of broader lockdowns on the economy could be substantial, depending on their length and scope, S&P said in a statement

S&P closes slightly higher after Fed minutes feed stable rate view

The gains were minor and short-lived. Many market participants question whether the Fed will hold off so long on a rate hike