The Latest Breaking News from Fitch

Fitch Upgrades Saudi Banks’ Rating

US credit rating agency Fitch has upgraded eight Saudi banks’ long-term issuer default ratings to “A-” from “BBB+,” with a stable outlook, according to a press statement. In this regard, experts told Asharq Al-Awsat that the current account surplus of the Saudi economy over the last period, which exceeded $1…

Asharq Al-Awsat · Apr 18, 2023

Fitch Upgrades Saudi Arabia’s Economy to A+

Fitch ratings has upgraded Saudi Arabia’s Long-term foreign-currency issuer default rating (Idr) to ‘A+’ from ‘A’, with stable outlook. This reflects Saudi Arabia's strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the 'A' and 'AA' medians, and significant fiscal…

Asharq Al-Awsat · Apr 6, 2023

Fitch expects growth to be restricted to 3% this year

The Thai economy is set to expand by only 3% this year, well below the Bank of Thailand's forecast of 3.6%, due to rising risks of a deeper slowdown in the global economy stemming from increasing uncertainty and banking stresses in the US and Europe, said Fitch Solutions.

Bangkok Post · Apr 3, 2023

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 · Feb 15, 2023

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 · Feb 10, 2023

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 · Feb 3, 2023

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 · Jan 20, 2023

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 · Dec 20, 2022

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 · Dec 9, 2022

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 · Dec 6, 2022