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'Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,' says the rating agency.
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In addition to growth moderation for NBFCs, the asset quality and earnings of NBFCs may come under pressure, with NPA likely to rise up to 30 basis points from March 2024 and earnings decline 20-40 basis points from fiscal 2024
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The report said for India’s target of 500GW renewable energy capacity by 2030, the country would require $190 billion to $215 billion of investment over the next seven years.
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Additionally, the agency’s outlook on global banks turned negative as central banks' tighter monetary policies have resulted in lower GDP growth.
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The government also said that Moody’s in its report ignores that biometric submission is also possible through contactless means like face authentication and iris authentication.
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With rising funding cost, the NBFCs have increased interest rates for loans against property (LAP) to small and medium-size enterprise (SME) borrowers, which is heightening repayment and refinancing risks for these loans.
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The New York-based credit rating agency forecast a stable outlook for Pakistani banks and estimated the country's gross domestic product (GDP) growth rate to remain between three and four per cent.
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Ericsson had said in 2014 it would diversify so that by 2020 up to 25 percent of revenue would come from industries beyond telecoms.
But the plan has not worked and and the compnay will focus on the core business of mobile networks.
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Speaking to CNBC-TV18, William Foster of Moody's said that NPA is a prolonged weakness that is still not addressed and there is no clear method in place to resolve the issue.
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India will be the fastest growing
economy among G-20 countries clocking a 7.1 per cent growth in
2017, Moody's Investors Service said today.
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Moody's Investors Service today
said that Reliance Communications' ratings will "remain on
review for downgrade" despite the company signing an agreement
with Canada-based Brookfield Infrastructure to sell its tower
assets.
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Moody's Analytics Knowledge Services unit is a provider of research and analytics services to global financial and corporate sectors, Moody's Corporation said in a statement while announcing the rebranding of the unit.
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Moody's has downgraded credit
rating of Reliance Communications from substantial credit risk
scale to high credit risk scale on account of "weak
performance" of the company.
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The firm sees sustained economic growth, commissioning of additional production capacity and higher commodity prices that will boost corporate earnings in India.
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Moody's, which has a 'Baa3' rating with a positive outlook, said evidence of policymakers working towards a faster fiscal consolidation, reducing the debt-GDP ratio and addressing infrastructure and monsoon volatility challenges will determine an upgrade, going forward.
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The estimated actual impaired ration of banks now is 1-1.5 percent than reported numbers, believes Srikanth Vadlamani. Moody‘s had put this ration at 2.5-3 percent earlier.
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Moody's Investors Service Senior VP Sovereign Risk Group Marie Diron said credibility and effectiveness of monetary policy are factors which impact India's sovereign ratings.
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The company earned USD 11.5 on turning every barrel of crude oil into fuel compared to a GRM of USD 10.8 per barrel in the immediately preceding quarter while the Singapore benchmark slipped to USD 5 from USD 7.7 per barrel over the same period.
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Moody's said India's banking system has witnessed an increase in non-performing assets (NPAs) since 2012, with many public sector banks (PSBs) having suffered significant deterioration in balancesheets as demonstrated by their asset quality metrics and capitalisation profile.
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The government has announced Rs 70,000 crore capital infusion for 22 public sector banks by March 2019. Of this, 25,000 crore has already been injected and the government plans to infuse as much during the current fiscal.
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"Bharti's Airtel Ltd's Baa3 rating is underpinned by the strong cash flow generation of its operations in India, particularly in wireless voice and data, where it enjoys a well-established and leading market position under the Airtel brand," Moody's said in its credit opinion.
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Although Mauritius will lose a historical advantage, it does not lose a competitive advantage because the other key financial centre for investment in India, Singapore, will also be subject to similar capital gain changes.
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Moody's Investors Service said that the Indian IT sector will maintain global market share gains, supported by a wider coverage and operating efficiency, albeit at a moderate pace.
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In a report, Moody's said a history of double-digit inflation, elevated government debt, weak infrastructure and a complex regulatory regime have constrained India's credit profile.
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High corporate leverage poses systemic risks if adverse growth and financial conditions pressure borrowers' repayment capacity, Moody's said, adding that the capital infusion by the government in PSU banks is likely to be larger than budgeted.
