Fitch Rating News

India's external buffers are sufficient to cushion risks associated with rapid monetary policy tightening in the US and high global commodity prices. India's foreign reserves fell by almost USD 101 billion in January-September 2022, but are still large at around USD 533 billion. This fiscal imports have surged on strong domestic demand growth and high oil and coal prices.

For stable outlook, it said that it expects recovery in Bharti Airtel's Indian mobile segment and continued growth in Africa and the enterprise segment.

The agency also affirmed BBB- rating of Bank of Baroda (New Zealand), Canara Bank and Bank of India (BOI).

Fitch said it expects credit costs to remain elevated, with ageing provisions adding to the burden.

In its latest Global Economic outlook, Fitch Ratings said it expects India's real GDP growth to rise to 8 percent by 2018-19, from 7.9 percent in 2017-18 and 7.7 percent in 2016-17.

India will continue to post good growth despite subdued prospect for the Asia Pacific region amid expected rise in US rates, dollar strength, and lower commodity prices, Fitch said while retaining India's rating.

Managing fiscal arithmetic after implementing seventh pay panel recommendations will be a challenge and there is a "real possibility" of Finance Minister Arun Jaitley delaying the fiscal consolidation plan again, Fitch said Tuesday.

"The easing of investment norms under FDI policy for the real estate sector is more of a long term story, and is unlikely to result in any immediate increase in FDI in the near term," the ratings agency said in a statement.

Terming the new restructuring package offered to state discoms as a positive, Fitch today said states opting for the package and delivering on loss reductions over the medium-term is essential for the success of the programme.

Fitch has reaffirmed the long-term foreign currency issuer default rating and senior unsecured ratings of Tata Motors-owned Jaguar Land Rover at 'BB-' with positive outlook.

Ability of telecom operators to trade spectrum may curtail excessive bidding in future auctions, credit rating agency Fitch said Thursday.

India is currently at the last rung of investment grade, just a notch above the 'junk' status, by all three leading global credit rating agencies - Moody's, S&P and Fitch.

Global rating agency Fitch Thursday retained India's credit outlook at 'stable' saying although "dynamism" is back in the economy translation of reforms into higher growth would depend upon actual implementation.

Rating agency Fitch today affirmed Tata Motors' long-term foreign currency issuer default rating at a speculative grade 'BB' with a stable outlook.