ISRAEL CREDIT RATING DOWNGRADE
Shapoorji Pallonji taps Deutsche Bank, DAM Capital to raise Rs 3,000 crore from private credit funds
Shapoorji Pallonji Group aims to raise Rs 3,000 crore via Deutsche Bank and DAM Capital to refinance debt from Ares SSG Capital and Farallon, reducing 18-22% rates. Supported by a Rs 15,000 crore Power Finance Corporation loan and Gopalpur port sale to Adani Group, the group plans a Rs 7,000 crore Afcons Infrastructure IPO, exploring global funds.
Best corporate bond mutual funds to invest in June 2024
There are no changes in the recommendation list this month. If you are investing in these schemes, you can relax and continue with your investments. Follow our monthly updates regularly.
Best banking & PSU mutual funds to invest in June 2024
Mutual fund advisors say banking & PSU debt schemes are ‘relatively’ safe because these schemes invest only in bonds and papers of banks and public sector companies. Since most of these entities are government-backed, they don’t have the credit risk.
Debt ceiling standoff could trigger US rating downgrade, TD's Goldberg says
Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, warns of a potential severe debt ceiling standoff in the U.S. in 2025, similar to the 2011 crisis, which could lead to another sovereign credit rating downgrade. Despite Congress suspending the debt ceiling until 2025, concerns over rising U.S. debt persist following forecasts by the Congressional Budget Office of significant deficits for fiscal years 2024 and 2025.
Ambuja Cements may repay Penna's debt
Private credit funds, including Edelweiss Alternative Asset, expect Ambuja Cements to repay Penna Cement's high-cost debt ahead of schedule. Adani Group-controlled Ambuja Cements acquired Penna Cement for ₹10,442 crore, aiming to reduce borrowing costs and improve credit ratings. The acquisition will help Ambuja Cements to refinance or repay Penna Cement's existing term loans and high-cost debt, including ₹400 crore to Edelweiss Alternative Asset.
European shares slip as energy counters weigh
European shares slipped on Tuesday as weakness in crude prices dragged energy stocks, while investors refrained from placing huge bets before the European Central Bank's interest rate decision later this week.
- Go To Page 1
S&P downgrades French credit rating in blow to Macron
Ratings agency Standard & Poor's downgraded France's credit score on Friday citing a deterioration in the country's budgetary position, a blow to Emmanuel Macron's government days before EU parliamentary elections. France's general government debt will increase to about 112 percent of GDP by 2027, up from around 109 percent in 2023, "contrary to our previous expectations", the agency added.
US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending
The US economy grew less than initially estimated in the first quarter of this year, the government reported Thursday, due to weaker consumer spending. Overall, GDP growth in the first quarter was supported by consumer spending, business investment and government spending.
Despite war needs, Israel's military should not get a 'blank check' -cenbank chief
Bank of Israel Governor Amir Yaron supported forming a committee to scrutinize Israel's defense budget, emphasizing that the ongoing war doesn't justify unchecked military spending. Since January, Yaron has advocated for fiscal adjustments to prevent budget deficits from escalating due to war costs. Prime Minister Netanyahu plans to increase defense spending by 20 billion shekels annually, despite a rising budget deficit. Finance Minister Bezalel Smotrich and Defense Minister Yoav Gallant agreed to establish the committee, aiming to balance security needs with economic stability, given the projected 250 billion shekels war cost from 2023 to 2025.
Best banking & PSU mutual funds to invest in May 2024
Mutual fund advisors say banking & PSU debt schemes are ‘relatively’ safe because these schemes invest only in bonds and papers of banks and public sector companies. Since most of these entities are government-backed, they don’t have the credit risk.
Can a collaborative approach break the credit rating impasse?
The GSDR report sheds light on ongoing discussions with Credit Rating Agencies (CRAs) regarding their approach to various debt restructuring options. It underscores the need to find ways to better integrate CRAs into the debt relief process paving the way for sustainable solutions for LMICs.
Boeing credit outlook gets gloomier as Fitch also turns negative
Boeing said it burned through $3.9 billion of cash in the first quarter as it slowed 737 Max production in the wake of a near-disaster involving one of the planes in January. The company predicted another "sizable" use of cash this quarter.
Israel's long-term credit rating is downgraded by S&P, 2nd major US agency to do so, citing conflict
Israel's credit rating downgraded by S&P due to Iran conflict. Drone attack near Isfahan. Moody's also downgraded over Hamas. Hezbollah confrontation ongoing. Gaza Strip tensions remain high. S&P's negative outlook, May 10 review pending."}
FPIs infuse over Rs 13,300 crore in equities in April so far amidst bullish economic outlook
Foreign investors have infused over Rs 13,300 crore in Indian equities in the first two weeks of the month owing to a resilient domestic economy with promising growth prospects.
Fitch downgrades outlook on China to negative on economic growth risks
Fitch downgraded China's sovereign credit rating outlook to negative, expressing concerns over fiscal risks amidst economic uncertainties during its transition to new growth models. Fitch predicted a rise in the general government deficit to 7.1% of GDP in 2024.
Ratings upgrade higher than downgrades in H2'24 though pace moderates
India Inc's credit ratings saw more upgrades than downgrades during October-March 2024, despite challenges like rising borrowing costs and supply constraints due to geopolitical issues. Strong domestic consumption and government infrastructure spending contributed to this trend. Sectors like roads, renewables, and hospitality drove upgrades, while export-oriented sectors faced downgrades. The credit ratio stabilized at pre-COVID levels, indicating positive credit quality outlook for fiscal 2025. However, uncertainties like monsoons and geopolitical landscape changes remain potential risks.
Credit quality outlook of India Inc positive in first half of FY25: Crisil Ratings
Crisil Ratings forecasts a positive credit quality outlook for Indian corporates in the first half of fiscal year 2024-25, with upgrades expected to exceed downgrades. Sectors like infrastructure, hospitality, and education are bolstered by government spending, while export-linked sectors face uncertainties due to subdued global demand.
Domestic consumption demand, govt capex lent support to India Inc's credit profile: ICRA
ICRA's latest report highlighted India Inc's credit profile in the 2023-24 fiscal year, citing domestic consumption demand and infrastructure spending as key supports. Despite challenges like rising borrowing costs and global events, rating upgrades outpaced downgrades. Sectors like aviation and hospitality saw positive momentum, while challenges persisted in others. The agency maintained a positive outlook for the hospitality sector in 2024-25 and noted improvements in credit profiles, with a decrease in instances of defaults.
Credit quality outlook of India Inc positive in first half of FY25: Crisil Ratings
Crisil Ratings forecasts a positive credit quality outlook for Indian corporates in the first half of fiscal year 2024-25, with upgrades expected to exceed downgrades. Sectors like infrastructure, hospitality, and education are bolstered by government spending, while export-linked sectors face uncertainties due to subdued global demand. Overall, healthy balance sheets and sustained domestic demand are anticipated to support credit quality.
Biden unveils $7.3 trillion budget as campaign pitch for spending, tax goals
President Joe Biden has unveiled a $7.3 trillion spending plan for the 2025 fiscal year, which includes raising corporate income tax rates, increasing tax rates for those earning over $400,000, forcing those with wealth of $100 million to pay at least 25% of their income in taxes, and allowing the government to negotiate to bring more drug costs down.
Kotak Equities downgrades two PSU banks after swift re-rating in valuations
In its report, Kotak has maintained that tier-2 PSU banks have seen a sharp valuation re-rating over the past two years, resulting in a swift convergence in the valuations of all PSU banks closer to SBI.
What is a rating downgrade? Key points to know
When credit rating agencies lower the rating of any issuer, it is said to be a rating downgrade.
Moody's downgrades Israel's credit rating on war risks; outlook negative
The country's rating was cut to "A2," which is five notches above investment grade, while its credit outlook was kept at negative by Moody's, meaning a further downgrade is possible.
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.
Govt directs ECGC to maintain moratorium on insurance rates for exporters
The government has instructed the Export Credit Guarantee Corporation (ECGC) to maintain a moratorium on insurance rates for Indian exporters in response to the Red Sea crisis. ECGC, a state-owned export promotion organization, provides credit insurance covers to improve Indian exports' competitiveness.
India Inc's financial health moderates in H1FY24, set to dip marginally in H2: Crisil
India Inc's financial health, measured by the credit ratio of rating upgrades to downgrades, has moderated in the first half of the fiscal year, according to Crisil Ratings. The agency predicts a marginal further dip in the second half, although the credit ratio will remain above 1. The number of upgrades exceeded downgrades, but the latter is increasing due to challenges faced by export-linked sectors. Crisil expects a marginal moderation in the credit ratio in the second half.
India Inc rating upgrades continue to outnumber downgrades
The credit ratio - that is, the ratio of upgrade to downgrade - decreased sequentially to 1.67 in the first half of FY24 from 2.72 in the second half of FY23. The credit ratio, though, is slightly higher than its 10-year average of 1.54 and is expected to remain range bound, CareEdge said.
Climate change could reduce India's credit rating, study finds
The study, published on Monday in the journal Management Science, is the first to anchor climate science within "real world" financial indicators. It suggests that 59 nations will experience a drop in sovereign credit rating in the next decade without emissions reduction.
Load More
