Fitch upgraded Pakistan’s long-term issuer default rating. The credit rating has been improved to ‘CCC’ from ‘CCC-’. It cited improved external liquidity and funding conditions. Global rating agency Fitch on Monday upgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘CCC’ from ‘CCC-’, citing improved external liquidity and funding conditions. The announced following the … Read more
Fitch cuts outlook for British government debt from stable to negative. The move comes after new PM Liz Truss launched a hasty program of tax cuts funded by debt. A large and unfunded fiscal package announced as part of the new government’s growth plan could lead to an increase in fiscal deficits. Wednesday, Fitch Rating … Read more
NEW YORK: Renowned credit rating agency Fitch Ratings has revised Pakistan’s outlook from “stable” to “negative” after the worsening liquidity and economic situation in the country. In a statement, Fitch said the revised outlook reflects a significant deterioration in Pakistan’s external liquidity position and financing conditions since early 2022. It affirmed Long-Term Foreign-Currency (LTFC) Issuer … Read more
WASHINGTON: Fitch on Friday cut the rating on Ukraine’s government debt to ‘CCC’ from ‘B’; following the Russian invasion of the country, which it said creates a “severe negative shock.” “The military invasion by Russia has resulted in heightened risks to Ukraine’s external and public finances, macro-financial stability and political stability,” Fitch said, noting the … Read more
WASHINGTON: Fitch Ratings on Friday downgraded Turkey’s debt from BB- to B+ with a negative outlook, citing high inflation and a lack of confidence in policymakers to turn the tide. The downgrade comes after data released earlier in the month showed inflation hitting a two-decade record of nearly 50 per cent in January, though some … Read more
WASHINGTON: Credit rating agency Fitch downgraded Ukraine’s long-term debt outlook from positive to stable on Friday due to tensions with Russia, while maintaining its rating at B. “Expectations of a more protracted period of heightened tensions with Russia, an increased downside risk of conflict, constrained financing conditions, moderate capital outflows and weakening international reserves, have … Read more
International ratings agency Fitch downgraded cash-strapped Sri Lanka on Saturday by one notch to ‘CC’ due to mounting fears of a sovereign default on its $26 billion foreign debt. The downgrade came a day after Sri Lanka reported a 1.5 per cent contraction in the third quarter of this year, as a foreign exchange crisis … Read more
COLOMBO: Sri Lanka raised fuel prices on Tuesday and warned of possible petrol rationing with importers struggling to pay for oil, in a worsening economic crisis that has also sparked food shortages. The move comes just days after international ratings agency Fitch downgraded the country over fears of a sovereign default on its $26 billion foreign … Read more
RIYADH: Ratings agency Fitch has revised the financial outlook for Oman to stable from negative, as higher oil prices and fiscal reforms improve the balance-sheet of the Gulf state, Arab News reported. “The revision of the outlook reflects actual improvements in, and the expected evolution of, key fiscal metrics including government debt/GDP and the budget deficit,” Fitch … Read more
COLOMBO: International ratings agency Fitch downgraded cash-strapped Sri Lanka on Saturday by one notch to ‘CC’ due to mounting fears of a sovereign default on its $26 billion foreign debt. The downgrade came a day after Sri Lanka reported a 1.5 per cent contraction in the third quarter of this year, as a foreign exchange crisis … Read more
Fitch Ratings has downgraded the outlooks of more than 20 Turkish banks just weeks after Ankara appointed a new finance minister, Arab News reported. Nureddin Nebati was appointed treasury and finance minister on December 2 by President Erdogan and has taken the reigns of an ailing economy marred by a tanking currency. Fitch said on Friday: “The … Read more
BEIJING: Chinese real estate behemoth Evergrande was declared in default on Thursday by Fitch Ratings agency, citing the debt-laden property developer’s failure to pay more than $1.2 billion in bond repayments. “The non-payment is consistent with an ‘RD’ (restricted default) rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance … Read more
KUALA LUMPUR: Fitch Solutions Country Risk and Industry Research on Monday lowered Malaysia’s real GDP growth forecast this year to zero per cent from 4.9 per cent previously, to reflect higher risk for the third wave of Covid-19 infections. The Fitch unit said Malaysia’s second quarter economic growth fell far below its previous expectations. With … Read more
International ratings agency Fitch affirmed Pakistan’s B negative rating with a stable outlook due to a challenging external sector situation and weak fiscal and debt position, BOL News learnt. It said that steps have been taken towards addressing those issues and the implementation of the International Monetary Fund program was on track. It’s the second … Read more
