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Fitch News

09 May 2023

Fitch Affirms India's Sovereign Rating On Robust Growth Outlook

The agency has kept kept India's credit rating unchanged at 'BBB-' -- the lowest investment grade rating -- since August 2006.

10 May 2021

Economic activity down in April, May but shock less severe than 2020: Fitch

India is facing the world's worst outbreak of COVID-19. Over 3 lakh new daily COVID-19 cases being reported for two weeks. Over 2.46 lakh people in India have died from the virus infection.

06 May 2021

GDP growth seen at 9.5%, COVID-19 resurgence bringing renewed challenges

Spiralling crisis from resurgence of COVID-19 cases. Steep surge in the number of coronavirus cases. GDP to grow 9.5 per cent in 2021-22.

08 Sep 2020

Indian economy to contract 10.5% in FY21 from -5% estimated earlier: Fitch

In the first quarter of current fiscal India's GDP contracted by a massive 23.9 percent. Fitch said India recorded one of the sharpest GDP contractions in the world in the April-June quarter. For the next fiscal, Fitch estimated Indian economy to grow 11 per cent, while for 2022-21 growth would be 6 percent.

Export-Import Bank of India

22 Jun 2020

Fitch revises outlook of SBI, 8 other banks to negative

The rating agency revised the outlook for Export-Import Bank of India (EXIM), SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings.

18 Jun 2020

Fitch revises India's outlook to negative from stable, affirms IDR at BBB-

Moody's earlier this month downgraded India's sovereign rating by a notch to lowest investment grade of 'Baa2' for the first time in 22 years.

Foreign Portfolio Investment

05 Sep 2019

FPI flows into India to remain under pressure over near-to-medium term: Ind-Ra

The Ratings agency said that despite the accommodative global monetary policy stance and the central government’s efforts to alleviate uncertainty regarding the higher surcharge headwinds to FPI flows into India will continue.

04 Sep 2019

Merger of 10 Public Sector banks, governance reforms may improve performance

The rating agency said that though the proposed amalgamations may face hiccups in short term, the governance reforms are a step in the right direction to improve the overall functioning of PSBs.

13 Aug 2019

Jio's FTTH to expand broadband market, will help Airtel: Fitch

In its 42nd annual general meeting on Monday, Reliance Industries Ltd (RIL) announced the launch of its much-awaited Jio GigaFiber services. The Jio GigaFiber base plans will start at 100 Mbps, and can go up to 1 Gbps, with prices ranging from Rs 700 to Rs 10,000 depending on usage.

Union Budget 2019

10 Jul 2019

Budget advances economic reform, fiscal settings unchanged: Fitch

Fitch said that the extent and timing of any benefits from the budget measures to GDP growth will depend on policy details that are yet to be announced and on effective implementation.

21 Jun 2019

Fitch Affirms Bharti Airtel at 'BBB-' with stable outlook

For stable outlook, it said that it expects recovery in Bharti Airtel's Indian mobile segment and continued growth in Africa and the enterprise segment.

17 Jun 2019

Fitch cuts India growth forecast to 6.6% for 2019-20 fiscal

In its latest Global Economic Outlook, the global rating agency retained its GDP growth forecast for the next fiscal (2020-21) at 7.1 percent and 7.0 percent for 2021-22.

04 Jun 2019

Fitch downgrade ICICI Bank, Axis Bank rating by a notch

Fitch said it took the rating action after lowering its midpoint for India's operating environment to 'bb+' from 'bbb-' following a review of the banking sector's performance, particularly in the last three years, the regulatory framework for the sector, and the outlook in the near term.

31 May 2019

Fitch affirms long-term ratings of six banks at 'BBB-' with stable outlook

The agency also affirmed BBB- rating of Bank of Baroda (New Zealand), Canara Bank and Bank of India (BOI).

04 Apr 2019

Fitch affirms India's rating at 'BBB-' with stable outlook

This is the 13th year in a row that global rating agency Fitch has rated India at 'BBB-'. It had last upgraded India's sovereign rating from 'BB+' to 'BBB-' with a stable outlook on August 1, 2006.

India's GDP Growth

22 Mar 2019

Fitch cuts India growth forecast for FY20 to 6.8% on weak momentum

In its latest Global Economic Outlook, Fitch also slashed GDP growth forecast for current fiscal ending March 2019 to 6.9 percent from 7.2 percent projected in the December edition.

28 Nov 2018

Fitch affirms PNB's Issuer Default Rating

Fitch said it expects credit costs to remain elevated, with ageing provisions adding to the burden.

20 Sep 2018

Fitch revises Tata Motors outlook to negative

It affirmed the long-term issuer default rating of Tata Motors' at 'BB+'.

14 Sep 2018

Fitch downgrades JLR outlook to negative; affirms BB+ ratings

The agency cited a likely increase in JLR's negative cash flow in the next two years due to the falling profitability and the risks from Brexit as it sells around 20 percent of its volumes in the EU markets.

15 Jun 2018

Fitch lowers Axis' outlook to -ve,cuts ICICI's support ratings

The report also warns that adverse findings may create a "reputational risk", especially if they point at broader weaknesses in management.

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