Mumbai: Ratings agency Standard & Poor's affirmed India's sovereign rating at 'BBB-minus' with a 'negative' outlook, reiterating there was a one-in-three chances of a ratings downgrade over the next 12 months, a statement said on Friday.
S&P said the government's ability to prop up investment growth remained uncertain.
The ratings agency, however, said there was scope to upgrade the sovereign ratings if the government unleashes public and private investments to spur economic growth.
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04:12 PM, May 17, 2013
Tokyo: Dismissing fears of a rating downgrade, Finance Minister P Chidambaram on Thursday said the government would take a host of reform initiatives in the next two years to spur growth momentum. "I don't think there is a serious threat of a downgrade but we take the talk of a downgrade seriously. We will engage with rating agency and convince them that India does not deserve a downgrade," the Minister...
06:32 PM, Oct 11, 2012
Mumbai: Ratings agency Standard & Poor's warned that India still faced a one-in-three chance of a credit rating downgrade within the next 24 months despite a new drive for economic reform that was launched in September. "A downgrade is likely if the country's economic growth prospects dim, its external position deteriorates, its political climate worsens, or fiscal reforms slow," it said in a report dated Tuesday and released on Wednesday....
02:28 PM, Oct 10, 2012
New Delhi: Prime Minister Manmohan Singh on Saturday said that Congress General Secretary Rahul Gandhi's entry into the Cabinet will be a welcome development. "When it happens you all will know. I have always maintained that I welcome Rahul's entry into the Cabinet." Singh made the remark at the Rashtrapati Bhawan where he had gone to attend the swearing in ceremony of Hamid Ansari as Vice President. Congress lawmakers and...
12:17 PM, Aug 11, 2012
Los Angeles: Google Inc. is altering its search results to de-emphasise the websites of repeat copyright offenders and make it easier to find legitimate providers of music, movies and other content. The move is a peace offering to Hollywood and the music recording labels. This year, Google joined other Silicon Valley heavyweights to help kill legislation that would have given government and content creators more power to shut down foreign...
10:43 AM, Aug 11, 2012
Moody's on Friday surprised markets by downgrading Italy's government bond rating by two notches to Baa2 and warned it could cut it further, piling on pressure just hours before the country launches its latest bond sale. The move left Italy's rating just two notches above junk status and could raise already-painful borrowing costs. The stark warning from Moody's, which highlighted Italy's vulnerability to political shocks in the euro zone and...
08:14 AM, Jul 13, 2012
I read somewhere recently that Charles Dickens said of the USA that if its citizens were to be believed, America "always is depressed, and always ...
02:20 PM, Jun 27, 2012
New Delhi: Greece may have fended off an immediate exit from the Eurozone, but it now faces the risk of being downgraded from a developed to an emerging market status. The process of demotion which usually takes years could be accelerated if Greece were to set up curbs on capital movement. The unprecedented switch will cut off Athens from investors in more sophisticated markets. Although it would open it up...
07:14 AM, Jun 26, 2012
Mumbai: The rupee hit a record low against the dollar for a second consecutive session on Friday and posted its worst weekly fall in nine months, hurt by dollar demand from oil firms and gold importers as well as the broad risk-off sentiment. Traders said the Reserve Bank of India stepped in to prop up the currency and prevent a much sharper fall, estimating dollar sales of $250-300 million, slightly...
06:24 PM, Jun 22, 2012
Ahmedabad: The Government on Wednesday rejected the downgrading warning by rating agency Standard & Poor's and the comments made by industrialist Azim Premji on policy paralysis and exuded confidence that the economy would revert to high growth path after overcoming "difficulties and challenges". Reacting to the S&P's threat of downgrading India, Home Minister P Chidambaram said, "We tend to overreact to rating agency reports. Some of these rating agencies have...
06:37 PM, Jun 13, 2012
The Centre has insisted, despite a downgrade by credit rating agency Standard and Poor's, that all is well with the Indian economy. ...
11:48 PM, Jun 12, 2012
New Delhi: Describing the downgrade warning by Standard and Poor's as a "wake-up" call, the BJP on Tuesday said that it rued the fact that the UPA government was still in denial mode about the economic crisis and claimed that this was a result of the governance deficit and differences within the dispensation. "Standard and Poor's downgrade warning is a wake up call for India... Instead of amending and carrying...
05:14 PM, Jun 12, 2012
Mumbai: Analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets. The downgrades come in a tough month for Indian markets, after global risk aversion surged, exposing the country's fiscal and economic vulnerabilities. Goldman Sachs said it was cutting its gross domestic product forecast to 6.6 per...
05:24 PM, May 25, 2012
Espirito Santo has downgraded Bangalore-based Biocon to "sell" from "neutral" and sharply revised its target price to Rs 186 a share from Rs 350, flagging off several issues, which it says raise accounting and corporate governance questions over at the biotech firm. The investment bank points out to two issues in particular. The latest being Pfizer scrapping a deal to sell insulin products made by Biocon. Changed priorities at Pfizer...
12:10 PM, May 22, 2012
Mumbai: Global credit ratings firm Moody's on Monday downgraded the country's three largest private sector lenders - ICICI Bank, HDFC Bank and Axis Bank - to D+ from C- to align them with the sovereign rating. As a result, the hybrid debt ratings of these banks, except HDFC Bank, will be negatively impacted. The standalone bank financial strength rating (BFSR) of ICICI, HDFC and Axis are revised down to D+...
06:00 PM, May 14, 2012
New Delhi: Moody's cut its rating for state-run Life Insurance Corp of India (LIC) two weeks after it put the country's largest portfolio investor under review for a downgrade over its high exposure to sovereign debt and lack of revenue sources outside of India. The ratings agency downgraded LIC to Baa3 from Baa2 with a stable outlook, in line with its Baa3 sovereign rating for India, which is the lowest...
03:27 PM, May 14, 2012
Watch top stories of the day with CNN-IBN's Editor-in-Chief Rajdeep Sardesai. ...
11:27 PM, Apr 25, 2012
Mumbai: Indian bond yields rose, while the rupee and stocks remained under pressure after Standard & Poor's cut India's outlook, with traders predicting pressure on the central bank to step in to prevent further falls in markets. Indian markets have already been battered in recent weeks by the issues spotlighted by S&P in downgrading the country's outlook to negative, with the rupee recently at three-and-half-month lows, and bond yields near...
10:59 PM, Apr 25, 2012
New York: Fitch Ratings gave the United States until 2013 to come up with a "credible plan" to tackle its ballooning budget deficit or risk a downgrade of the country's coveted AAA rating. The ratings agency on Monday revised to negative from stable the outlook on the US credit rating after a special congressional committee failed last week to agree on at least $1.2 trillion in deficit-reduction measures. The committee...
07:58 AM, Nov 29, 2011
Berlin: New speculation that France could be downgraded by ratings agencies triggered a massive sell-off of shares across Europe on Wednesday, wiping out gains recorded in Tuesday's session and cutting short hopes that markets will make a quick recovery before the global debt crisis escalates. European shares rebounded in early trade on Wednesday and recouped much of the losses registered in the days since Standard & Poor's downgraded the US...
10:55 AM, Aug 11, 2011
