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The Latest Breaking News from Fitch

Fitch downgrades and withdraws Signature Bank's ratings

Rating agency Fitch on Monday downgraded Signature Bank's long-term corporate ratings to 'D' from 'BBB+' after state regulators closed the New York-based bank on Sunday.

Bangkok Post

How Pakistan is taking desperate economic measures for IMF bailout

NEW DELHI: The Pakistan government is trying its best to secure a deal with the International Monetary Fund (IMF) for the release of a critical bailout package, failing which it can slump into default.

The Times of India

Türkiye Earthquake Could Cost $4b in Economic Losses

Fitch Ratings said insurable economic losses following the quakes (in Türkiye) could exceed $4 billion. "Economic losses are hard to estimate as the situation is evolving, but they appear likely to exceed" $2 billion and could reach $4 billion "or more," Fitch Ratings said. Insured losses will be much lower,…

Asharq Al-Awsat

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Nirmala Sitharaman assures investors, RBI says keeping vigil: Top developments in Adani-Hindenburg row

NEW DELHI: After 6 days of market rout, few of the Adani Group stocks rebounded on Friday after French energy company TotalEnergies' positive sentiment on the firm.

The Times of India

Fitch: Egyptian Banks’ Capital Ratios Can Withstand Further EGP Depreciation

Fitch Ratings lauded the agreement between the Egyptian government and the International Monetary Fund (IMF) in which Egypt secures a $3 billion loan over 46 months. Fitch Ratings added also said that Egyptian banks’ regulatory capital ratios can withstand further Egyptian pound depreciation as they are supported by healthy internal…

Asharq Al-Awsat

If councils retain Three Waters, how much more will they have to raise rates?

We continue our 12 questions about Three Waters. If the assets remain on council balance sheets, communities will pay the price – quite literally.

Newsroom.co.nz

Fitch affirms India's sovereign rating on robust growth, resilient external finances

NEW DELHI: Fitch Ratings on Tuesday affirmed India's sovereign credit rating at 'BBB-' with a stable outlook, saying the rating derives strengths from a robust growth outlook and still-resilient external finances.

The Times of India

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Mining rollercoaster to ease in 2023

Commodity prices may slide in 2023 but Australia's glittering status as a friendly source of critical minerals and coal will sort the winners from the losers.

AAP

Fitch retains India growth forecast at 7% for this fiscal

NEW DELHI: Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, but cut projections for the next two financial years saying the country is not impervious to global developments.

The Times of India

Interest Rates Put Pressure on Lending, Limit the Liquidity of the Saudi Financial Market

Financial specialists attributed features of liquidity scarcity in the Saudi financial and banking sector to the effects of raising interest rates and increasing the Saudi Interbank Offered Rate, or Saibor, along with the emergence of attractive investment opportunities. According to specialists, the interest rates rose in parallel with the decline…

Asharq Al-Awsat

Thailand has stable outlook, BBB+ affirmed

Fitch Ratings has affirmed Thailand's long-term foreign-currency issuer default rating (IDR) at BBB+ with a stable outlook.

Bangkok Post

Malaysian PM Anwar will also hold finance post

KUALA LUMPUR: Malaysian Prime Minister Anwar Ibrahim has appointed himself as finance minister, betting he’s the best person to sustain the country’s fragile post-pandemic recovery as the economy heads for a slowdown next year.

Bangkok Post

Senators urge FDIC to give fair consideration to industrial banks

WASHINGTON — A bipartisan group of senators is supporting “industrial loan company” charters, a move that puts them at odds with House legislation over a controversial pathway for financial technology companies to access the traditional banking system.

Tribune News Service

Senators urge FDIC to give fair consideration to industrial banks - Roll Call

Nine senators from both parties are urging the FDIC to give fair consideration to industrial loan company charters.

Roll Call

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Tribune News Service

Chicago finances win city first Fitch upgrade in a decade

Chicago won its first upgrade from Fitch Ratings Inc. in more than a decade, a sign that the Windy City is finally starting to turn its beleaguered finances around.

Bangkok Post

Fitch sees higher earnings ahead for banks

Fitch Ratings expects higher earnings in the Thai banking sector, in line with the country's economic recovery, with loan-loss reserves in the industry having peaked.

The Independent UK

Ratings agency Fitch downgrades UK credit outlook to ‘negative’

Chancellor’s plan could lead to a ‘significant increase in fiscal deficits over the medium term’, ratings agency warms

The Independent UK

BoE intervention ‘stopped Sterling spiral’ as Fitch cuts credit rating

UK central bank says failure to act could have wiped out the value of a large number of funds held by pension companies

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The Guardian - UK

Rating agency Fitch downgrades UK credit outlook

Lack of independent forecasts at mini-budget and clash with Bank of England’s inflation strategy prompts cut

The Guardian - UK

Kwarteng to ‘work closely’ with banks as five-year mortgage rates hit 6%; pound falls through $1.12 – as it happened

Average mortgage rates hit 12 year high, as ratings agency Fitch lowers outlook on UK debt to “negative” from “stable”

AAP

Fitch upbeat on critical minerals demand

Australian lithium, copper and nickel stocks are surging after an upbeat report on world demand for the vital ingredients in green energy and electric vehicles.

Reuters

Ghana negotiations with IMF to be fast-tracked : finance minister

Ghana's negotiations with the International Monetary Fund over a rescue package will be fast-tracked, the country's Finance Minister Ken Ofori-Atta said on Wednesday.

Reuters

Default 'a real possibility' for Ghana, Fitch senior director says

Sovereign debt default is "a real possibility" for Ghana as it contends with an economic crisis, a senior director from the ratings agency Fitch said on Wednesday.

Benzinga

Bitcoin-Loving El Salvador President Nayib Bukele Running For Reelection: Here's How The Crypto Performed Since Becoming Legal Tender In The Country

In June 2021, El Salvador became the first country to make cryptocurrency Bitcoin (CRYPTO: BTC) legal tender.

The Independent UK

As 'buy now, pay later' plans grow, so do delinquencies

A growing number of American shoppers have jumped at the chance to use “buy now, pay later” loans to pay for new sneakers, electronics, or luxury goods in installments

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