Page 8 - India Ratings

India Ratings cuts FY20 GDP forecast to 6.7% from earlier estimate of 7.3%

It said the rising global trade tension will also have an adverse impact on exports

Power capacity addition meagre in Q1; 45 Mw power added of 1820 Mw target

For the full year, the official target is to add 12,186 Mw

India Ratings defends process after IL&FS row, says Fitch executive dumped

Finding itself at the centre of the IL&FS controversy, India Ratings on Saturday said its investigation into the role of a senior director at parent firm Fitch's Singapore office found him in violation of the company's code of conduct and he is no longer an employee. The rating agency also defended its rating process, saying its ratings for IL&FS group entities followed a robust and transparent analysis of relevant information including the company's audited financial statements and sought to shift the blame to falsification and sprucing up of the financials by the former top management of the group. It rejected the observations made in a special audit by Grant Thornton of the ratings given by five credit rating agencies, including India Ratings, to some IL&FS entities, in which it has been alleged that the agencies continued to give top ratings despite being aware about weak financials of the group. The audit has also flagged attempts by the erstwhile top management of ...

Real Madrid tickets to Fitbit shirts: Gifts by IL&FS for favourable ratings

From tickets for a Real Madrid football match and hefty discounts on a luxurious villa to a Fitbit watch and shirts, a probe into the high-profile IL&FS scam has found numerous cases of favours and gifts extended by the erstwhile top management to senior officials of rating agencies and their family members. While the continuing probe has already led to CEOs of two rating agencies having been sent on leave by their respective boards, fresh details have emerged about suspected attempts by the former top management personnel of IL&FS Group to influence the rating agencies and their top officers for high credit ratings. The new board of IL&FS, which was appointed by the government after massive defaults by the group to the tune of over Rs 90,000 crore and suspected wrong-doings by the former top management, had mandated Grant Thornton to carry out a forensic audit. In an interim forensic audit report on role of credit rating agencies engaged by the erstwhile management, Grant

Care Ratings CEO sent on leave after Sebi receives anonymous complaint

Earlier this month, the local unit of Moody's Investors Service sent its managing director on leave amid an inquiry into a controversial rating decision

India Ratings lowers country's GDP growth projection for FY20 to 7.3%

Key reasons for downward revision are the prediction of lower-than-normal monsoon for 2019 and continued agrarian distress

Many companies may not get credit from PSBs in FY19: India Ratings report

Government's substantial cash infusion of Rs 1.53 trn into state-run banks in FY19 would be adequate to cover credit costs emanating from stressed assets

India Ratings downgrades IDBI Bank to AA from AA+; outlook negative

RBI has recently initiated 'prompt corrective action' for the bank on account of higher NPAs

India Ratings assigns AAA rating to NHAI's FY18 borrowing plan

With government pushing infrastructure development by way of developing world class roads, National Highways Authority of India (NHAI) has geared up to borrow Rs 59,000 crore through a string of instruments including bonds during the current financial year (2017-18).The authority has been given AAA rating and a stable outlook by India Ratings and Research. Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk.NHAI, being the sole agency responsible for the development of national highways in India, is strategically important to the government. Its fundamental purpose is to improve the national road transit infrastructure, better serve the national economy, and improve the country's standard of living, the rating agency said in a release.Strong federal control, with the government monitoring its annual budget (including borrowings) and operational performance, ...

New law disallows sale of excess mineral by captive users: Ind-Ra

Acquisition costs during transfer of mines to increase, says the ratings agency

Ind-Ra lowers GDP growth forecast to 7.7% from 7.9%

Ind-Ra expects the industrial GVA to grow 7.2 per cent in FY17, 0.4 percentage points lower than its earlier forecast

Negative cash flow position to reach near zero level in FY17: Ind-Ra on construction companies

Order inflow in the construction sector was likely to grow as the government has increased outlay for highways and railways in the Union Budget, says the ratings agency

Proposal of 25% corporate tax cut will bring transparency: India Ratings

This will help govt reduce amount of incentives paid, necessitating low tax paying corporate to shell out significantly higher taxes

India Ratings cuts non-ferrous metals sector outlook to negative

Continued fall in metal prices to delay de-leveraging for domestic players

Don't cut spending, says India Ratings

Wants govt to make revival of investment a priority and maintain the fiscal correction schedule by more generation of revenue; reiterates call for GST and wants budgetary support for PSBs