Fitch Ratings

PSU banks' asset quality woes likely to continue: Fitch

FitchNew Delhi: The Centre today expressed concern over the law and order situation in Uttar Pradesh with BJP slamming the Akhilesh Yadav government there for the present state of affairs even as Congress demanded strict action against trouble-makers and miscreants.

"This should not be taken as some politics being done by us because their government is of a different party.

"Whatever the government -- whether of our party or of some other party, everybody is worried if the law and order situation is not good.

Rupee fall no trigger for rating action: Fitch

Rupee fall no trigger for rating action: FitchOngoing depreciation in the value of rupee will likely put more pressure on India but it is no trigger for rating action, global rating agency Fitch said.

The Indian currency has slipped more than 15 per cent against the Greenback so far this year, and the government's various measures have thus far failed to arrest the free-fall.

After falling to 64.54 per US dollar in the intra-day trade on Wednesday this week, the partly-convertible Indian currency slipped to its all-time low of more than 65 per US dollar on Thursday.

Fitch says RBS breakup would be expensive mistake

Fitch says RBS breakup would be expensive mistakeGlobal credit ratings agency, Fitch has said that the plans to break up the Royal Bank of Scotland into separate entities would be an expensive mistake and leave taxpayers in a worse condition.

The agency said that the plans to split the bank into a good and a bad bank and selling the good bank would leave the government with more toxic assets and increase the national debt burden. The move would create uncertainty for investors and also dilute the government's holdings in the bank. The plans might also require an approval from the minority shareholders.

Fitch upgrades India's outlook to 'stable'

Fitch-RatingsNew Delhi, June 12 : International ratings agency Fitch Wednesday upgraded its outlook on India to “stable” from “negative”, a move that is likely to boost investors' sentiment in Asia's third largest economy.

The agency affirmed its sovereign ratings on India at 'BBB-', the lowest investment grade.

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 2013-14 budget, as well as some, albeit limited, progress in addressing some of the structural impediments to investment and economic growth, Fitch said in statement. (IANS)

Fitch Ratings downgrades UK to AA+ from AAA

Fitch Ratings downgrades UK to AA+ from AAAGlobal rating agency, Fitch Ratings has said in a new report that it has downgraded the UK from AA+ from AAA due to various factors including a weaker economic and fiscal outlook.

Fitch reduced the rating from AAA to AA+ with a stable outlook, the company said in a statement in London today. It also reduced its growth projection and forecast that the debt would rise to 101 per cent of gross domestic product in the fiscal year 2015-2016. Fitch had put the UK on negative watch on March 22, just days after the government cut forecasts for growth in the annual budget.

Fitch slashes India’s GDP growth forecast by 0.5%

Despeconomyite the government’s recently announced measures to stimulate economic growth, rating agency Fitch slashed its forecast for Indian GDP growth from 6.5 per cent to 6 per cent for the current year.

Expressing concerns over the country’s economic conditions, Fitch slashed the country’s GDP growth forecast by 0.5 per cent, and pegged the government deficit at 8.5 per cent of the GDP.

The rating agency said that the government's economic & investment policy was weighing down on business confidence in the country.

Fitch downgrades Indian banks

Fitch downgrades Indian banksAnalysts at Fitch have downgraded some of India's largest banks following a downgrade of India's outlook on Monday.

The company pointed out that the downgrade of banks does not necessarily shows weakness in banks themselves but it is due to the relationship between the government and the banking sector. State Bank of India and ICICI Bank were among the banks that were downgraded by the company.

Indian IT services sector outlook is stable, Fitch

Indian IT services sector outlook is stable, FitchA new report by Fitch Ratings has said that the outlook for the IT service sector in Indian is stable. The company sees a strong liquidity position for the sector in the year even as there might be a slowdown in demand for IT services from important markets including the US and European countries.

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