The nation's largest lender State Bank of India has hit the international debt market with a benchmark issue to raise around USD 500 million as part of its USD 10-billion medium-term notes programme through a five- year dollar money sale.
"At the same time, the agency has affirmed Power Grid's senior unsecured rating and the ratings on its USD 500m senior unsecured notes at 'BBB-'," Fitch Ratings said in a statement.
The outlook on the long-term rating is stable. The US-based agency said it continues to see a very high likelihood that the government of India will continue to provide timely and sufficient extraordinary support to the bank.
Exhibiting one of the highest real gross domestic product (GDP) growth rates in the sovereigns space, India‘s economy is expected to slightly accelerate to 7.7 percent in FY17 and 7.9 percent in FY18, says the report.
The rating drivers are based on Exim Bank's key policy role of financing, facilitating and promoting India's foreign trade, and its establishment by a statute that ensures strong linkages with the government, it said.
"The Bureau, among other things, will discuss capital requirements of public sector banks, apart from budgeted provision. Capital is very important to kickstart lending," a senior finance ministry official said.
The Bureau, headed by former comptroller and auditor general of India (CAG) Vinod Rai, also discussed strategies for recapitalising banks and making them more competitive, Minister of State for Finance Jayant Sinha told reporters.
Global rating agency Standard & Poor's (S&P) today affirmed 'BBB-' long-term issuer credit rating on India Infrastructure Finance Co Ltd (IIFCL).
If India‘s net debt to gross domestic product (GDP) was less than 60 percent then it would make a strong case for an upgrade, said Kyran Curry, S&P.
The S&P says the ratings reflect the country's sound external profile and improved monetary credibility.
"The KPIs are going to be operational from the current year only for the performance for 2015-16 of all the banks," Adhia told reporters here at an SBI event.
The agency also affirmed its 'A-' foreign currency and 'A' local currency country ceilings for the country, it said in a report here today. "IndiaÂ’s stable ratings reflect our expectations for accelerating growth over the near- and medium-term.
Credit rating agency Fitch on Friday assigned a stable outlook to Adani Ports and Special Economic Zone (APSEZ).
Fitch is withdrawing the ratings in view of recent changes effected by the Securities and Exchange Board of India (Sebi), the global credit rating agency said in a statement.
All the three big international rating agencies such as S&P, Moody's and Fitch have BBB ratings on the country's sovereign with a stable outlook. The current rating is closest to junk status or below investment grade.
Fitch assesses that the linkages between NTPC and the sovereign are moderate, with strategic linkages being especially strong.
Last Friday, Tata Motors had raised USD 750 million in a benchmark dual tranche bond sale, taking the overall fund raising through overseas bond sales close to USD 17 billion so far this year.
The agency also raised the local currency ratings of the three companies to 'stable' and removed them from CreditWatch, where they were placed with positive implications on November 26, S&P said in a statement issued from Singapore.
RBI governor, D Subbarao in his mid quarter credit policy review clearly emphasised the governmental role to revive our flagging economy. He praised certain government measures gradually yielding results. Meanwhile, the central bank refrained from cutting the key (repo) policy rate on its June mid quarter credit policy.
`BBB+' is an investment grade rating indicating relatively lesser risk. `BBB' is defined by S&P as "adequate capacity to meet financial commitments, but more subject to adverse economic conditions".
Fitch Ratings raised the Philippines' credit rating to investment grade on Wednesday, a first for the Southeast Asian nation, in a move expected to boost investment and lift the country's long-term growth potential.
Ratings agency Fitch added to Italy's mounting problems on Friday by cutting its credit rating due to the political uncertainty after last week's election, deep recession and rising debt.
Emkay has come out with its report on CARE Ratings IPO. The company intends to use cash balance to further develop research business and expand into other business segments like providing training, knowledge process outsourcing, risk management & other support services to rating agencies & other financial institutions, says research firm.
Minister of State for Planning Ashwani Kumar defended India on Thursday, saying its expected growth rates and projects to boost internal trade and development do not warrant a junk status credit rating.
Fitch Ratings cut its rating on Spain's government debt by three notches to 'BBB' on Thursday and signalled it could lower it further by putting the country on negative outlook.