New Delhi: Bringing cheer to the government struggling to arrest rupee's slide, global rating agency Fitch on Wednesday revised India's sovereign credit outlook to stable from negative. Taking note of the government's efforts to contain fiscal deficit, Fitch Ratings revised India's Outlook to Stable from Negative and affirmed 'BBB-' rating.
"The revision of the Outlook to Stable reflects the measures taken by the government to contain the budget deficit, including the commitments made in the FY'14 budget, as well as some, albeit limited, progress in addressing some of the structural impediments to investment and economic growth," the agency said in a statement. Fitch further said it expects the economy to recover after real GDP grew just 5 per cent in 2012-13 versus 6.2 per cent in the year ago period.
India's economic recovery, however, is likely to remain slow until a healthier investment climate is created, which helps lift potential growth again, it said. "As a result, Fitch is forecasting only a modest recovery with real GDP expected to expand 5.7 per cent and 6.5 per cent in FY14 and FY15 respectively," Fitch said.
Fitch along with Standard and Poor's had earlier threatened to downgrade India's rating to junk grade in absence of steps by government to contain deficits and promote investment. Rupee on Tuesday touched historic low of 58.96 against the dollar....
more
05:05 PM, Jun 12, 2013
Mumbai: Raing agency Fitch has revised India's rating from negative to stable. Fitch has said that fiscal deficit targets will be met, which will strengthen the rupee. The rupee on Wednesday gained 60 paise to close at 57.79 against the dollar after Fitch revised India's credit outlook. Also, heavy dollar selling by some big corporates and US dollar weakening against the euro overseas also aided the rupee, forex dealers said....
09:49 AM, Jun 12, 2013
New Delhi: Mike Jeffries, the eccentric CEO of the US clothing retailer Abercrombie & Fitch has done it again. Vocally against large sized men and women, Jeffries has been quoted as saying in news reports that he doesn't want "larger people shopping in his store" triggering a social media backlash. Robin Lewis, author of The New Rules of Retail, told the Business Insider about the kind of people Jeffries wants...
04:24 PM, May 09, 2013
New Delhi: The Finance Ministry on Friday made a strong case for rating upgrade of Indian economy by global agency Fitch on the back of increasing investments, declining import of gold and government's commitment to fiscal prudence. The issue of rating upgrade was raised by Finance Ministry officials at a meeting with the representatives of Fitch here. The meeting was attended by Department of Economic Affairs Secretary Arvind Mayaram, among...
04:53 PM, Apr 12, 2013
The Finance Ministry feels there is a case for a rating upgrade of India by at least a notch or so and agencies like Standard & Poor's and Fitch would be conveyed this view when they visit India next month. "I strongly believe there is a case for S&P and Fitch to upgrade. Even if it is one only notch or two notch above, but certainly there is no case...
11:56 AM, Mar 17, 2013
Tokyo:<>/b Panasonic Corp has a better chance than rival Sony Corp of surviving Japan's consumer electronics slump because of its unglamorous but stable appliance business of washing machines and fridges, credit rating agency Fitch said Friday. Fitch cut Panasonic's rating by two notches to BB and Sony three notches to BB minus on Thursday, the first time one of the three major ratings agencies have put the creditworthiness of either...
02:53 PM, Nov 23, 2012
BJP spokesperson Nirmala Sitharam on Friday said that the downward revision of growth forecast by Fitch is a reflection of the government's inaction. Fitch Ratings on Friday cut its 2012 growth forecasts for India to 6 per cent from 6.5 per cent on deteriorating global growth outlook with diminished willingness or capacity to respond with domestic policy loosening, compared with 2009. India's economic outlook remains challenging. Investment rose just 0.7 ...
11:52 AM, Sep 28, 2012
New Delhi: Fitch Ratings has cut its 2012 growth forecasts for India to 6 percent from 6.5 per cent on deteriorating global growth outlook with diminished willingness or capacity to respond with domestic policy loosening, compared with 2009. India's economic outlook remains challenging. Investment rose just 0.7 per cent YoY in second quarter of 2012, with higher-frequency indicators pointing to another weak outturn in Q3. "Ongoing concerns over government economic...
11:48 AM, Sep 28, 2012
India's reforms announced last week at first glance appear credit positive. But there is still considerable execution risk given the Congress-led coalition's divisions and recent track record of policy reversals, says Fitch Ratings. Broader concerns regarding the weak and inconsistent regulatory framework remain. These concerns will remain material for economic performance ahead of elections in 2014, weighing on the sovereign credit profile. Fitch assigned Negative Outlooks to India's 'BBB-' ratings...
12:46 AM, Sep 18, 2012
Mumbai: Ratings agency Fitch has said the Indian infrastructure industry faces a negative outlook on account of increase in macroeconomic challenges and sector-specific stresses. In its recent report titled '2012 Mid-Year Outlook: Indian Infrastructure', Fitch Ratings said, "Fitch expects the ratings of project companies to remain under pressure from equity capital constraints, high interest rates, slowing GDP growth, currency depreciation, fuel shortages, weak off-takers, execution delays and prospects of slowing...
02:34 AM, Jul 17, 2012
New York: Fitch Ratings has revised the Outlook on the 'BBB-' Long-Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) of India-based financial institutions to Negative from Stable, while affirming the rating. These include six government banks (including an international banking subsidiary of a government bank), two private banks, two wholly owned government institutions and one infrastructure finance company. A list of affected entities is as follows:- State Bank of...
12:43 PM, Jun 20, 2012
New Delhi: Finance Minister Pranab Mukherjee said on Monday Fitch has not taken note of recent structural reforms in the economy including the strengthening of public finances, after the rating agency cut its outlook on Asia's third largest economy. "The concerns expressed by Fitch on the economic growth potential, inflationary pressures, and weak public finances are based on earlier data. Government has already taken note of such concerns," Mukherjee said...
04:31 AM, Jun 19, 2012
APJ Abdul Kalam on Monday issued a statement saying he will not contest the Presidential elections. ...
10:10 PM, Jun 18, 2012
New Delhi: Finance Minister Pranab Mukherjee on Monday rejected Fitch downgrade of India's credit outlook to negative saying the rating agency's action was based on "older data" as it ignored recent positive trends. "While the markets had already anticipated that Fitch would revise the outlook and so there is no surprise in the announcement, it must be pointed out that Fitch has primarily relied on older data, and has ignored...
06:20 PM, Jun 18, 2012
New Delhi: Fitch Ratings has revised India's outlook to negative from stable. Its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) have been affirmed at 'BBB-' and Short-Term Foreign Currency at 'F3'. India's Country Ceiling is also affirmed at 'BBB-'. The Outlook revision reflects heightened risks that India's medium- to long-term growth potential will gradually deteriorate if further structural reforms are not hastened, including measures to enhance the effectiveness of...
04:45 PM, Jun 18, 2012
New Delhi: India's economic growth story is intact and the current account deficit under control, senior Finance Ministry officials told a team from global ratings agency Fitch on Thursday, weeks after S&P cut its outlook for Asia's third largest economy. The visit came as the Indian rupee tumbled to a record low against the dollar, with the crisis in the euro zone adding pressure on a currency already under fire...
05:18 PM, May 17, 2012
New York: Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years. In a statement, the ratings agency said the affected countries were vulnerable in the near-term to monetary and financial shocks. "Consequently, these sovereigns do not, in Fitch's view, accrue the full benefits of the euro's reserve currency status," it...
09:07 AM, Jan 28, 2012
Budapest: Fitch Ratings downgraded Hungary's credit grade to junk status on Friday, citing a standoff between the country and the European Union and the International Monetary Fund over rescue loans. Fitch, which followed similar moves from Moody's and S&P, kept a negative outlook, indicating a more than a 50 per cent chance for another downgrade within the next two years. The decision to cut Hungary by one notch, to BB+...
12:26 AM, Jan 07, 2012
Mumbai: The rising cost of imported coal, coupled with a weakening rupee, could force some Indian power projects to default on their debt obligations, ratings agency Fitch said on Tuesday. Fitch estimated that the average cost of generation could rise to 4.41 rupees (8 cents) per kilowatt hour for projects relying entirely on imported coal, from the current average of 2.29 rupees, if current trends continue. Coal accounts for 55...
04:51 AM, Dec 21, 2011
New York: Fitch Ratings on Friday warned it may downgrade Belgium, Italy, and four other euro zone countries in the absence of a "comprehensive solution" to the region's debt crisis. The ratings agency placed the ratings of Belgium, Spain, Slovenia, Italy, Ireland and Cyprus in credit watch negative, which means a downgrade is possible within three months. ...
09:37 AM, Dec 17, 2011
