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The Latest Breaking News from Fitch

Stock market today: Asian shares slip, echoing Wall Street's retreat from its rally

Asian shares have fallen after Wall Street took a step back from its big rally as markets tried to digest a slew of earnings

The Independent UK

US credit rating downgraded over rising debt, ‘standards of governance’

The downgrade marks only the second cut by a major rating agency in US history.

Al Jazeera

The U.S. loses its top AAA rating from Fitch over worries about the nation's finances

Fitch cut the federal government's top rating, citing rising deficits and a steady deterioration in governance over the last two decades. The action drew a sharp rebuke from the Biden administration.

WEKU

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Fitch downgrades US credit rating, citing mounting debt and political divisions

Fitch Ratings has downgraded the U.S. credit rating, citing an expected increase in government debt over the next three years and a “steady deterioration in standards of governance” over the past two decades

The Independent UK

Nigel Farage says NatWest management ‘should go’ after CEO Rose admits discussing his bank account with BBC – as it happened

Dame Alison Rose admitted to serious error in discussing Nigel Farage’s relationship with Coutts with a BBC journalist.

The Guardian - UK

Fitch Ratings Monitors Israeli Judicial Reform Amid Credit Rating Concerns

The credit rating agency holds meetings with officials to assess the impact on economy and high-tech investments.

Zenger

Thailand affirmed at BBB+, outlook stable

Fitch Ratings has affirmed Thailand's long-term foreign-currency issuer default rating (IDR) at BBB+ with a stable outlook. Among the key ratings drivers are:

Bangkok Post

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Fitch Ratings registers interest in virtual banks

Fitch Ratings believes there is significant interest and momentum in Thailand's virtual bank application process, even though the timeline has been extended.

Bangkok Post

Firms to rally amid economic revival

The performance of Thai corporations should gradually improve this year as the domestic economy recovers and inflationary pressures ease, according to analysts at Fitch Ratings' 2023 Thailand Corporate Credit Outlook & Asean ESG conference in Bangkok recently.

Bangkok Post

Africa needs its own credit rating agency: here’s how it could work

The credit rating industry in Africa is dominated by the three international agencies: Moody’s, SP and Fitch. Together they control an estimated 95% of the credit rating business globally.

The Conversation

Fitch raises India's GDP forecast to 6.3% from 6% for current fiscal year

Fitch Ratings on June 22, 2023 raised its forecast for India’s economic growth to 6.3% for current fiscal year 2023-24 from 6% it had predicted previously

The Hindu

‘Anyone want to buy?’: Turkish lira falls as traders await uplift in economy

Mood is tense among currency traders in Istanbul’s Grand Bazaar, with country reeling from a profound economic crisis

The Guardian - UK

California lets Allstate hike rates — but insurer still won’t write new home policies

Allstate has received California’s blessing to raise homeowner insurance premiums 4%, but the state’s fifth largest home insurer said it has no plans to reverse its decision last fall to stop writing new policies.

Tribune News Service

He took away the country's top AAA rating in 2011. He ended up fearing for his life

John B. Chambers led the team at ratings agency S&p that decided to downgrade the country's AAA rating in 2011. It was a big decision, and it took a personal toll — but he has no regrets.

WEKU

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Radio France Internationale

France avoid S&P credit downgrade but concerns persist

France managed to avoid a fresh credit downgrade from a leading rating agency on Friday, despite mounting concern over the country's surging national debt.

Bangkok Post

French credit rating under more pressure

PARIS: France's surging national debt is causing increasing alarm with the country risking a fresh warning on Friday over its credit rating after a downgrade.

Reuters

Macron struggles to kick France's spending habit

President Emmanuel Macron has loosened labour laws and cut taxes among other reforms to transform the economy, but has not broken France's addiction to spending big to buy social peace.

Bangkok Post

Playing the waiting game

Before May 14, many investors and analysts were hopeful that the general election could reverse the "sell in May" phenomenon, which refers to the Thai bourse traditionally underperforming during the hot, dry months.

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Radio France Internationale

France in 'close discussions' with agency over debt rating

France is in "very close talks" with debt rating agency Standard and Poor's, Prime Minister Elisabeth Borne said Sunday, after a downgrade from rival Fitch reignited government finance concerns in the EU's second-largest economy.

Investors Business Daily

Dow Jones Falls Despite Debt Ceiling Hopes; Ray Dalio Stock Beats Earnings Views; Nvidia Rockets

The Dow Jones fell despite new debt ceiling hopes. Nvidia stock rocketed amid more AI buzz. A Ray Dalio stock beat earnings views.

The Independent UK

Threat of US credit downgrade looms over debt ceiling talks

With one of three major rating agencies warning that America’s AAA credit is at risk, the stakes are growing in the standoff in Washington over raising the nation’s debt limit

Barchart

U.S. Credit Rating at Risk from Debt-Ceiling Impasse

Fitch Ratings late Wednesday placed the United States ‘AAA’ long-term foreign-currency issuer default rating (IDR) on rating watch negative. Fitch said the watch negative reflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit despite the fast-approaching date when the U.S. Treasury exhausts...

Tribune News Service

US credit rating at risk of Fitch cut on debt-limit impasse

The tension around the U.S. debt-limit negotiations ratcheted up after Fitch Ratings warned the nation’s AAA rating was under threat from a political standoff that’s preventing a deal.

AFP

Markets struggle on German recession, US debt woes

London (AFP) - Global stock markets struggled Thursday following news that Europe's biggest economy Germany has entered recession, and after Fitch warned that the US debt standoff could threaten its gold-plated credit rating.

France 24

DeSantis's troubled Twitter campaign launch underlines issues since Musk takeover

Technical malfunctions have marred Florida Governor Ron DeSantis's announcement that he's running for US president. The hyped Twitter Spaces appearance was 20 minutes late in starting, repeatedly lost sound and many users said they had trouble logging in. Since Elon Musk took the reins, Twitter has struggled with a myriad…

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