FITCH RATINGS DOWNGRADE

NYCB gets third credit downgrade as CRE exposure worries spill to Europe

​New York Community Bancorp faced its third credit-rating cut on Thursday as defaults worries from exposure to the beleaguered U.S. commercial real estate (CRE) took its toll on lenders in Europe and Asia.

The ratings rumble: Sitharaman's prudent budget revives an old dispute

Three credit rating agencies hold over 90 per cent of the global market. Two of these agencies have said that FM Sitharaman's interim budget changes little for them at this time. The government has been for long complaining about the rating agencies failing to acknowledge India's improving economic conditions and of biases in their approach.

Moody's downgrades China's bad banks

Moody's action is the latest alarm sounded over the property sector ills' spillover across the economy, despite Beijing's pledges for support policies. It also resembles a sector-wide downgrade by Fitch Ratings earlier this year.

US government shutdown later this year would not hurt rating: Fitch

​the latest factor to prompt worry on Wall Street about U.S. political governance after a near-miss with a partial federal government shutdown this weekend and a debt ceiling crisis earlier this year.

Fitch warns it may downgrade many US banks, including JPMorgan

Fitch Ratings has warned that US banks, including JPMorgan Chase, could be downgraded if the agency further cuts its assessment of the operating environment for the industry. If Fitch were to lower its score to A+ from AA-, it would be forced to re-evaluate ratings on more than 70 US banks. This news follows Moody's downgrading 10 mid-sized US banks earlier this month and warning that it may cut ratings of several others.

Fitch Ratings downgrade: Is panic warranted in the markets?

As an investor in Indian equity markets, you must not fret over the US downgrade by Fitch and focus on stocks that you own in your portfolio over anything else. Make sure that they are fundamentally sound and hold them with patience.

ETMarkets Decoder: US rating downgraded by Fitch - explained

Rating agencies, don’t be such a Fitch

Naturally, questions will arise over the timing of the rating action. Expectations of monetary tightening bringing the US economy to a standstill are receding. Doomsayers are in retreat, and Fitch finds itself under attack — from the administration and from independent observers. Standard & Poor’s, Moody’s and Fitch had warned the US its AAA credit rating was at risk. But only one has acted on it.

I would not sell US equities because of Fitch downgrade: Steve Englander, Standard Chartered Bank

Steve Englander of Standard Chartered Bank believes that the panic caused by the Fitch downgrade of the US rating is a pure risk premium, with US CDS barely impacted. Englander also thinks that the US market will soon move past the downgrade as everything Fitch said was already true and that equity markets had been overenthusiastic over the last couple of months. Furthermore, there may be a sharp correction in equity markets but he would not sell US equities due to the Fitch downgrade.

What will be the ratings cut impact on US markets? Arnab Das explains

​It is really countries that are facing a refinancing problem or a default problem where there really is a sovereign creditworthiness issue at stake. When they get downgraded, and particularly when they go from investment grade to high yield or junk bond status, that is when it becomes a very serious problem. So I think this will pass.

Fitch’s US downgrade is stoking the very fight it warned against

Fitch Ratings' decision to downgrade US government debt has been seized upon by rival political factions as a new weapon of combat in their never-ending war, and finger pointing has already commenced. Although President Biden has yet to publicly comment on the ratings cut, aides claim he was initially irritated about the news. The House Freedom Caucus, a group of Republican lawmakers, is demanding lower spending levels during the looming shutdown fight, while Biden’s team has blamed Donald Trump for the reduction.

Fitch move spotlights US debt risk as recession fear fades

Fitch Ratings has downgraded US government credit from AAA to AA+ based on the medium-term fiscal outlook characterised by rising deficits and government debt. The downgrade is a signal that the US needs to get its budgetary process in order ahead of what looks like another political fight this fall, and although the Federal Reserve no longer expects a US downturn, Fitch expects a mild recession in the US in the fourth quarter this year and first quarter of 2024. US debt is predicted to reach 118% of gross domestic product by 2025, three times higher than the median of 39%.

Yellen says Fitch downgrade 'entirely unwarranted' amid US economic strength

U.S. Treasury Secretary Janet Yellen on Wednesday voiced more objections to Fitch Ratings' downgrade of the main U.S. credit rating, calling it "entirely unwarranted" because it ignored improvements in governance metrics during the Biden administration and the country's economic strength.

US markets may not see lasting impact from Fitch downgrade

Early moves in U.S. financial markets on Wednesday indicated some aversion to riskier assets as investors assessed the impact of the surprise downgrade.

Dollar shrugs off Fitch's US downgrade, advances on strong jobs data

Private payrolls rose by 324,000 jobs last month, the ADP National Employment report showed, more than an increase of 189,000 that economists polled by Reuters had forecast.

Fitch cites need for 'long-term' fix after US downgrade

The comments by Richard Francis on CNBC came a day after Fitch took the United States' top-tier AAA rating down a notch to AA+, drawing fiery pushback from the White House and Treasury Department.

Wall St falls after Fitch downgrades top-tier US rating

Several major brokerages said Fitch's downgrade was unlikely to result in a sustained drag on U.S. financial markets, noting that the economy was stronger than in 2011.

Fitch cuts US credit rating to AA+; Treasury calls it 'arbitrary'

With the downgrade, it becomes the second major rating agency after Standard & Poor's to strip the United States of its triple-A rating. The dollar fell across a range of currencies, stock futures ticked down and Treasury futures rose after the announcement. But several investors and analysts said they expected the impact of the downgrade to be limited.

European stocks slide at open after US downgrade

Ratings agency Fitch downgraded the United States' top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an "erosion of governance" that has manifested in debt limit standoffs.

Asian Stocks fall, Treasuries gain after Fitch downgrades US rating

Asian stocks were also weighed by declines on Wall Street overnight. U.S. stock futures, the S&P 500 e-minis, pointed 0.2% lower on Wednesday. Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday.

Gold gains as US dollar, yields stumble on Fitch downgrade

The U.S. dollar index and benchmark 10-year Treasury yields dropped after rating agency Fitch downgraded the U.S. government's top credit rating, citing fiscal deterioration over the next three years and growing general government debt burden.

US Treasury yields edge lower after Fitch downgrade

Fitch overnight downgraded the U.S. government's rating to AA+ from AAA, citing an expected fiscal deterioration over the next three years as well as a high and growing general government debt burden. It had placed the rating on watch for a possible cut in May. "This will likely spark risk aversion flows as Asian markets re-open," Tony Sycamore, a markets analyst at IG, wrote in a note to clients.

Fitch downgrades cash-strapped Pakistan's Issuer Default Rating to CCC-

Fitch typically does not assign outlooks to sovereigns with a rating of CCC+ and below. Its downgrade comes after S&P Global in December cut its long-term sovereign credit rating for Pakistan by one notch to "CCC+" from "B", citing a continued weakening of its external, fiscal and economic metrics.