Page 7 - Fitch Ratings

Economy to suffer lasting damage due to Covid, post strong rebound: Fitch

Medium-term growth to slow around 6.5 per cent a year over FY23 to FY26

Top headlines: Fitch warns about Indian growth, Xi brews Starbucks peace

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India face lasting Corona damage; growth to be 6.5% in medium term: Fitch

The Indian economy will suffer lasting damage from the coronavirus crisis and after an initial strong rebound in FY22 growth will slow to around 6.5 per cent a year over FY23-FY26, Fitch said

Indian economy to contract but will do better than earlier forecast: Fitch

Fitch expects economy to contract by a record 9.4 per cent in the current fiscal year ending March 2021 amid coronavirus but this represents a 1.1 percentage point improvement from previous forecast

Fitch upgrades IREDA's long-term IDRs to 'BBB-'; outlook negative

The outlook is negative and the outlook on IREDA's long-term IDRs mirrors that on the 'BBB-' sovereign rating

Fitch affirms Issuer Default Rating on four PSBs including SBI

Upgrades viability rating for IDBI Bank by a notch due mainly to improved core capitalisation and the high loan-loss coverage

Fitch downgrades Sri Lanka's sovereign credit rating on rising default risk

Sri Lanka relies on tourism and garment exports for foreign exchange reserves. It's been hit hard by the pandemic, which has undercut consumer demand and curtailed almost all global travel this year

Fitch expects marketing, refining volume of oil firms to fall 15% in FY21

With lockdowns pummelling fuel demand in India, Fitch Ratings expects the marketing and refining volume of oil firms to fall by over 15 per cent this fiscal year before a gradual recovery in FY22

Indian banks face tough operating environment in near term: Fitch

Fitch Ratings on Tuesday said Indian banks face a tough operating environment in the near term as stressed loans and write-offs increase due to the economic fallout from the coronavirus pandemic

IT services growth to return in 2021, Covid to fuel digital spends: Fitch

Most companies have reported robust deal wins that should support growth in 2021-2022, despite the revenue decline in the second quarter of 2020, said the report

Swift economic recovery key to limit loan losses for Indian banks: Fitch

Lenders face a tough operating environment in the near term, with a spike in stressed loans and write-offs due to the economic fallout of the coronavirus pandemic

Fitch takes ratings action on four NBFCs amid Covid-19 challenges

The companies' long-term IDRs were placed on RWN in March this year, as Fitch expected the pandemic to present further macroeconomic

Crisil projects wider GDP contraction for FY21 at 9%, from 5% earlier

Attributes it to Covid-19 cases and lack of stimulus from govt

Fitch affirms Bharat Petroleum at BBB-minus with negative outlook

Fitch Ratings has affirmed BPCL's long-term foreign-currency issuer default rating at BBB-minus with a negative outlook

Rating firms rework their India FY21 GDP forecasts with sharper contraction

Impact on wages to severely dent consumption and decelerate recovery, says India Ratings

Top headlines: Rating firms cut GDP forecast, hiring outlook at 15-year low

Global rating and research houses, such as Fitch and Goldman Sachs, have cut their estimates for growth in India's GDP for the current fiscal 2020-21.

Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch

Fitch Ratings projected global GDP to contract 4.4 per cent in the current year but revised upwards China's growth estimate to 2.7 per cent for 2020

Goldman Sachs to Fitch: Global rating agencies cut India's GDP forecast

Downward revision follows a sharp contraction in the economy in the April-June period, when GDP came in at a negative 23.9 per cent YoY, the worst show in nearly four decades

SC decision to allow due payment over 10 yrs not enough to aid VIL: Fitch

SC decision to allow telcos to pay dues over 10 years will not be enough to help Vodafone Idea, while Jio and Airtel are expected to strengthen their market shares, Fitch Ratings said

Fitch revises India GDP forecast for FY21 to -10.5% from -5% earlier

The downward revision in India's forecast for FY21 comes on the heels of a sharp contraction in Indian economy in the April - June 2020 period, when the GDP came in at a negative to 23.9 per cent year