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The Latest Breaking News from Fitch

How costly political realities undercut Ghana's electricity reforms

Ghana reformed its electricity sector by the book but has lurched from blackouts between 2012 and 2015 to a glut of energy which costs government about 5% of GDP. Fitch ranks the energy sector as the biggest driver of national debt. How did this happen? It’s a classic case of…

The Conversation

High Interest Rates to Boost Profitability of Saudi Banks

Fitch Ratings predicted that higher oil prices and interest rates will enhance the profitability of Saudi banks during 2022-2023. This comes at a time when the loan-to-deposit ratio of Saudi banks is at its highest level in 15 years. Fitch said that a 200bp increase in interest rates would boost…

Asharq Al-Awsat

Canopy Growth - Cointreau Trademark Battle Ends, Fitch Ratings Downgrades Canopy Stock

Last year, the French alcohol maker Remy Cointreau (OTC: REMYY) sued Canopy Growth Corporation (NASDAQ: CGC) for alleged trademark infringement over its CBD-infused sparkling water brand Quatreau.

Benzinga

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Fitch keeps Thai credit rating BBB+

Fitch Ratings has affirmed Thailand's credit rating at "BBB+" with a stable outlook, which is acceptable to the government, says government spokesman Thanakorn Wangboonkongchana.

Bangkok Post

Ocado aims to raise £575m from investors to fund tech arm expansion

Firm wants to ‘invest in innovation at faster pace’ and help clients as online grocery market grows

The Guardian - UK

Ratings Firm Moody’s to Shut Moscow Office at End of Month

Credit rating firm Moody's will formally shut its office in Russia's capital Moscow at the end of the month, sources told Reuters, with staff either being cut or relocated elsewhere. Western sanctions mean the main USand European-based rating agencies Moody's, S&P Global and Fitch have all suspended their operations in…

Asharq Al-Awsat

Fitch upgrades India outlook to stable from negative

Pares 2022-23 growth to 7.8%, expects inflation to average 6.9%

The Hindu

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Fitch Ratings Warns of Elections’ Impact on Lebanese Economy

A leading international credit ratings agency warned Friday that the results of this month’s parliamentary elections in Lebanon make it difficult for any coalition to have a governing majority, potentially complicating implementation of reforms. Shortly after the warning from Fitch Ratings, the Lebanese pound briefly hit new lows against the…

Asharq Al-Awsat

Fitch Ratings warns of elections' impact on Lebanese economy

A leading international credit ratings agency has warned that the results of this month’s parliamentary elections in Lebanon make it difficult for any coalition to have a governing majority, potentially complicating implementation of reforms

The Independent UK

Market response to Australia’s new Labor government will be ‘muted’, economists say

Analysts say election of Albanese government will not ‘shift the dial’ on economic forecasts

The Guardian - AU

The rise, fall and rebirth of the shopping centre

The decline of bricks-and-mortar retail has been a catastrophe for malls. But landlords and local authorities are trying to ensure they have a future

Financial Times

Illinois notches 5th credit boost in a year

The upgrade is the first the state has seen from Fitch since June 2000 — and it comes as Gov. J.B. Pritzker, who is running for reelection, hopes to prove to voters that the state is in better fiscal shape under his leadership.

Chicago Sun-Times

Fitch Cuts China's 2022 GDP Forecast on COVID Hit

Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year. The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second…

Asharq Al-Awsat

Fitch Upgrades Saudi’s PIF Outlook to ‘Positive’

Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country. It also affirmed the PIF's rating at "A". Fitch had cited improvements in Saudi Arabia's balance sheet due to higher…

Asharq Al-Awsat

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Los Angeles Times

Michael Hiltzik: In Florida, DeSantis punishes Disney — by giving it a big tax cut

Up in their corporate suite, executives of the Walt Disney Co. must be laughing themselves silly.

Daily Mirror

'I worked at Abercrombie and Fitch - a boss told me I didn’t photograph well’

Kaitlyn Fisher worked for the American chain for three years while at college in America and had a strict set of rules she should follow. One boss told her didn’t ‘photograph well’

Orlando Sentinel

DeSantis signs bill eliminating Walt Disney World’s Reedy Creek district; Fitch warns of bond downgrade

Florida Gov. Ron DeSantis signed into law two bills targeting The Walt Disney Co. on Friday, eliminating the company’s special Reedy Creek district and stripping its exemption from the “Big Tech” social media bill.

The Hindu

Explained | India’s coal shortage and its effect on power supply

Seventy per cent of India’s power demand is met by coal-fired power plants.

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Reuters

Australia PM Morrison seeks to sell voters on Budget breaks

Trailing in the polls, Australia's Liberal National government on Wednesday sought to sell A$8.6 billion ($6.46 billion) of budget giveaways as necessary to meet a cost of living emergency and not a transparent attempt to buy votes.

Asharq Al-Awsat

EU to Lend Tunisia 450 Mln Euros for Budget Support, Commissioner Says

The European Union said on Tuesday it will lend Tunisia 450 million euros ($500 million) to support its budget as the North African country faces a looming crisis in public finances for which it is seeking an international rescue package. Speaking after a meeting with Tunisian government officials in Tunis,…

The Guardian - UK

Russian bond default ‘imminent’, as inflation jumps; markets surge as oil falls back – as it happened

UK announces new aviation sanctions against Russia and investigates plane at Farnborough

The New Daily

Russian economy inches closer to collapse

Ratings firm Fitch has downgraded Russia's sovereign rating by six notches further into the junk territory to C from B, warning a default is imminent.

Al Jazeera

Ukraine latest updates: Zelenskyy calls for more support

Ukraine news from March 8: Ukraine’s president pushed for more support in address to the British parliament.

The Independent UK

Live updates: Fitch downgrades Russia's credit rating

Fitch Ratings has downgraded Russia’s credit rating, citing a “severe shock” to fundamental conditions due to its invasion of Ukraine

Asharq Al-Awsat

S&P Cuts Russia's Rating to Junk, Moody's Issues Junk Warning

Russia's invasion of Ukraine triggered a flurry of credit rating moves on Friday, with S&P lowering Russia's rating to 'junk' status, Moody's putting it on review for a downgrade to junk, and S&P and Fitch swiftly cutting Ukraine on default worries. Both countries' financial markets have unsurprisingly been thrown into…

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