Fitch has used the pandemic impact to comment on lower growth for India, which can be -5 per cent this year due to the lockdown and its effects
Retains ratings at lowest investment grade
Battered shares of US airlines, casino operators and cruise operators slipped after attempting a rebound in recent weeks
Now all three rating agencies, Moody's, Fitch and S&P have the lowest investment grade rating for India
S&P has forecast India's economy to shrink by 5 per cent this fiscal
In comparative terms, India has been a laggard among Emerging Markets in 2020. The downgrade just makes the task of its economic recovery a little more daunting
New cases have been averaging more than 6,000 a day over the past week as authorities begin easing stringent lockdown restrictions gradually to prevent economic costs from blowing out further
Drugmaker Moderna Inc surged 19.96 per cent after the company said its experimental COVID-19 vaccine showed promising results in a small early-stage trial
Vedanta Resources has proposed to buy out public shareholders in Vedanta Ltd
With public transport still not allowed in 130 red-zone districts, which comprise some of the economically important urban centres, people took out their private vehicles.
Stocks opened higher after President Donald Trump said Americans might be getting to the top of the 'curve' in relation to the outbreak
More states under lockdown raise fears of hit to economy
Trading on the Indian stock exchanges was halted as the S&P BSE Sensex fell 10 per cent, triggering an automatic 45-minute halt
The Dow Jones Industrial Average fell 2,352.6 points, or 9.99%, to 21,200.62, the S&P 500 lost 260.74 points, or 9.51%, to 2,480.64
The risk premiums for AT1 instruments of private sector banks in India will spike in the aftermath of the Yes Bank bailout according to the rating agency
At 2:28 p.m. ET, the Dow Jones Industrial Average slumped 3.35% at 25,810.05 points, while the S&P 500 lost 3.25% to 2,989.76
Says fiscal position weak, but sees strong growth prospects over 2-3 years
Indian economy remains in a weak spot
The recent Budget proposals came in as a disappointment for most analysts in the absence of strong measures
India will go through a tug of war on the economy, resolution of bad loans, and health of non-banking financing companies (NBFC), S&P said