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The Latest Breaking News from Fitch

Times are tough, but the doomsters’ predictions have been wrong so far

City Comment: If you had believed the mainstream forecasters, we would already be in recession

Evening Standard

Up First briefing: Trump's 3rd indictment; U.S. loses AAA rating; heat and the brain

Donald Trump is indicted on felony charges related to efforts to overturn the 2020 election. Fitch Ratings downgrades the U.S. credit rating. This is your brain on heat.

WEKU

First Thing: Donald Trump faces four charges over efforts to overturn 2020 election

Latest criminal case before ex-president has come weeks after he was charged with retaining national defense information. Plus, experts warn of record US deaths from extreme heat

The Guardian - UK

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S&P Futures Plunge as Surprise U.S. Credit Rating Downgrade Weighs on Sentiment

September S&P 500 futures (ESU23) are trending down -0.54% this morning as risk sentiment took a hit after rating agency Fitch downgraded the United States’ credit rating while market participants awaited new economic data on the labor market.

Barchart

Wall Street opens in the red amid global market rout after US credit downgrade – as it happened

Global stock markets tumble after Fitch downgrade; US ADP jobs report much stronger than expected

The Guardian - UK

FTSE 100 Live: Blue-chip index closes down 100 points after Fitch US downgrade, oil price up

Stock market sentiment has taken a hammering after Fitch removed its top-notch rating on US debt.

Evening Standard

U.S. Credit Rating Downgrade Is a Sign of Government Dysfunction

The national debt has ballooned from $14 trillion to $32 trillion in a little over a decade.

Reason

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Fitch Downgrades US’ Long-Term Rating From “AAA” To “AA+” ‌

Former treasury secretary Larry Summers says downgrade when economy is looking stronger than expected is “bizarre and inept”.

Zenger

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

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

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Bangkok Post

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

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.

The Conversation

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.

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The Hindu

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 Guardian - UK

‘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

Tribune News Service

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.

WEKU

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.

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.

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