In a significant boost for Pakistan’s economic image, international credit rating agency Fitch has upgraded the country’s sovereign credit rating from “CCC+” to “B-,” reflecting a growing confidence in Pakistan’s financial stability and reform efforts. The agency has also revised the outlook from negative to stable, pointing to improved economic management. According to Fitch, the … Read more
Finance Minister Muhammad Aurangzeb has encouraged US enterprises to invest in Pakistan’s agriculture, IT, and energy sectors. In a meeting with the US Assistant Secretary of State for Economic and Business Affairs in Washington, he emphasized the significance of the Pakistan-US economic partnership for the country’s socio-economic development. Additionally, Aurangzeb met with Mohamed bin Hadi … Read more
KARACHI: Fitch Ratings has downgraded Pakistan’s long-term foreign currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘B-’. The rating agency reasoned the worsening liquidity and policy risks for downgrading the rating of the country Fitch typically does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below. “The downgrade reflects further deterioration in … 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
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
Credit ratings of global financial institutions experienced a weaker decline during the pandemic, compared with the previous crises in the 21st Century, Arab News quoted Fitch Ratings, as saying in a report. On an average, global financial institutions ratings decreased 0.15 of a notch, a method of comparing ratings of debt issuers used by credit … Read more
RIYADH: Fitch Ratings has revised six Saudi Arabia’s banks’ outlooks to stable from negative and affirmed the Foreign Currency and Local Currency Long-Term Issuer Default Ratings (IDRs) at ‘BBB+’. Fitch’s assessment considers the authorities’ strong ability to support the banking system, given large, albeit reduced from their historical levels, external reserves. It also reflects a long … Read more
