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While Fitch has slashed the U.S credit rating to AA+, U.S Treasury Secretary Janet Yellen and the White House have disagreed on the downgrade

Fitch downgrades U.S credit rating to AA+ after debt limit standoff

While Fitch has slashed the U.S credit rating to AA+, U.S Treasury Secretary Janet Yellen and the White House have disagreed on the downgrade

Rating agency Fitch has cut the U.S government's credit rating to AA+ from AAA, following concerns over the country's financial state and debt burden. The agency is also expecting fiscal deterioration over the next three years and growing general government debt burden.
Fitch in May had placed its &ldquo;AAA" rating of US sovereign debt on watch for a possible downgrade, citing downside risk.
This move has come despite the U.S government brought a resolution to the debt crisis by increasing the debt ceiling to $31.4 trillion two months ago.
Also Read: <a href="https://www.editorji.com/business-news/u-s-debt-ceiling-crisis-house-passes-bill-to-suspend-31-4-trillion-debt-1685601180685">U.S debt ceiling crisis: House passes bill to suspend $31.4 trillion debt</a>
U.S president Joe Biden and the Republican controlled House representatives reached a debt ceiling agreement that lifted the government's $31.4 trillion borrowing limit in June. However, Fitch has said that the repeated political stand-off and last minute resolution plan has eroded confidence in fiscal management.
&ldquo;The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management", said Fitch.
The rating agency has also said that there has been a steady deterioration in standards of governance over the last 20 years.
&ldquo;In Fitch's view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025," the rating agency said in a statement.
Meanwhile U.S Treasury Secretary Janet Yellen and the White House have disagreed with the downgrade in the rating. Yellen has called the rating &ldquo;arbitrary and based on outdated data."

Adani Transmission and Adani ports and Special Economic Zone are at a high contagion risk due to weak governance at the conglomerate's sponsor level, as per Fitch

Fitch warns of contagion risk to Adani subsidiaries

Adani Transmission and Adani ports and Special Economic Zone are at a high contagion risk due to weak governance at the conglomerate's sponsor level, as per Fitch

Ratings agency Fitch has said that two Adani Subsidiaries, Adani Transmission and Adani Ports face a contagion risk. The report added that this could affect their financial flexibility. The subsidiaries are exposed to the risk as a result of governance weakness at the conglomerate's sponsor level.
However, Fitch has affirmed BBB ratings to the group entities. The ratings of restricted groups would not be constrained at 'BBB', at this stage if other factors driving their credit quality improve.
Fitch also metioned that the debt of Adani group's rated Indian entities as of December 2022 end is secured with US dollar bonds that will mature only from mid-2024. Hence, the liquidity position at all restricted group will benefit from the cash flow generation from January 2023 to March 2024.

The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange (FX) reserves to “critically low levels," Fitch

Pakistan economy: Fitch downgrades rating; warns default a 'real possibility' 

The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange (FX) reserves to &ldquo;critically low levels," Fitch

The beleaguered Pakistani economy faces substantial credit risks with "critically low levels&rdquo; of foreign exchange reserves, New York-based global ratings agency Fitch said warning that a default is a "real possibility."
The downgrade reflected a sharp deterioration in external liquidity and funding conditions, along with decline of foreign exchange (FX) reserves to &ldquo;critically low levels," Fitch said.
&ldquo;Falling reserves reflect large, albeit declining, current account deficits (CADs), external debt servicing and earlier FX intervention by the central bank, particularly in 4Q22, when an informal exchange-rate cap appears to have been in place.
&ldquo;We expect reserves to remain at low levels, though we do forecast a modest recovery during the remainder of FY23, due to anticipated inflows and the recent removal of the exchange rate cap,&rdquo; the agency said.
Fitch said it expects Pakistan to successfully conclude the ninth review of the International Monetary Fund (IMF) programme, and the downgrade is a reflection of the large risks to continued programme preformance and funding, in the run-up to this year's elections.

According to Fitch Ratings reports, Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles

Banks' exposure to Adani group 'insufficient', face limited risk: Fitch 

According to Fitch Ratings reports, Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles

Indian banks' exposure to Adani group is "insufficient in itself" to pose a substantial risk to their credit profiles, Fitch Ratings said on Tuesday.
Adani group has faced stock rout and questions after a US short seller Hindenburg Research came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. Adani Group has denied all charges and threatened to sue Hindenburg.
"Fitch Ratings believes that Indian banks' exposure to the Adani group is insufficient in itself to present a substantial risk to the banks' standalone credit profiles," the rating agency said in a note.
Ratings of banks remain driven by expectations that the banks would receive extraordinary sovereign support if needed.
Fitch on February 3 stated that the controversy over the short-seller report had no immediate impact on the ratings of Fitch-rated Adani entities and their securities.
"Even under a hypothetical scenario where the wider Adani group enters distress, exposure for Indian banks should, in itself, be manageable without adverse consequences on the banks' viability ratings," Fitch said.
State Bank of India last week stated that its share of the group's loans had fallen to 31 per cent by 2022-end from 55 per cent in 2016.

Despite India tries to pace up its vaccination rollout, India Ratings on Thursday cut its FY22 gross domestic product growth estimate for India to 9.4 per cent from 9.6 per cent, saying&nbsp;the aim of vaccinating the entire adult population by year-end would not be met.
"Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by December 31, 2021," it added further.&nbsp;
Muted wage growth, rise in health expenditure, and decline in household savings coupled with high consumer inflation are expected to weigh on consumption demand and hence, economic growth, it said.
The agency&rsquo;s estimate suggests that 5.2 million daily doses would have to be administered from August 18, 2021 to vaccinate more than 88 per cent of the adult population by year-end as well as to administer single doses to the rest by March 31, 2021.
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Slow vaccination pace hits growth outlook, India GDP estimate cut to 9.4%

Pick up vaccine pace if you want growth to pick up, that's the word from ratings agency India Ratings as cuts India's GDP&nbsp;forecast

Pick up Vaccine Pace if you want growth to pick up 

Vaccination pace too slow, India ratings lowers GDP forecast
'India won't be able to&nbsp;vaccinate entire population by year end'&nbsp;
Slow vaccination pace led to rise in health expenditure, muted wage growth&nbsp;
5.2 mn daily doses to be&nbsp;administered by year-end

India Ratings, has reduced the GDP forecast to below the RBI's target for the current financial year.&nbsp;

Even as India aims to ramp up the vaccination drive across. the subcontinent it may not be fast enough to support a big growth revival as per Fitch Ratings' India arm&nbsp;India Ratings. The domestic debt rating firm on Thursday cut its FY22 gross domestic product growth estimate for India to 9.4 per cent from 9.6 per cent, saying&nbsp;the aim of vaccinating the entire adult population by year-end would not be met.
"Going by the pace of vaccination, it is now almost certain that India will not be able to vaccinate its entire adult population by December 31, 2021," it added further.&nbsp;
Muted wage growth, rise in health expenditure, and decline in household savings coupled with high consumer inflation are expected to weigh on consumption demand and hence, economic growth, it said.
The agency&rsquo;s estimate suggests that 5.2 million daily doses would have to be administered from August 18, 2021 to vaccinate more than 88 per cent of the adult population by year-end as well as to administer single doses to the rest by March 31, 2021. In the last two weeks, India has administered over 5.5 million doses daily, but this pace is unlikely to continue as many have raised concerns on vaccine availability as procurement numbers are not matching the doses required. India needs 188 crore&nbsp;doses to cover entire adult population. Taking in account for vaccine wastage the true requirement stands at over 200 crore&nbsp;doses. As per a Rajya&nbsp;Sabha&nbsp;response the govt currently has ordered only half that amount till the year end.&nbsp;
&nbsp;

Recent surge in coronavirus cases poses increasing downside risks to the FY22 outlook stated ratings agency Fitch maintaining it's&nbsp;'BBB-' sovereign rating with a negative outlook.&nbsp;Fitch expects&nbsp;GDP growth of 12.8% in FY22, moderating sharply to 5.8% in FY23.
Sounding cautious the rating agency stated.&nbsp;&ldquo;The medium-term debt trajectory is core to our rating assessment, as higher debt levels constrain the government&rsquo;s ability to respond to future shocks and could lead to a crowding out of financing for the private sector."
Fitch however did state that the second wave of virus cases may delay the recovery, but is unlikely to derail it.
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Fitch: India outlook remains negative due to Covid surge

Recent surge in coronavirus cases poses increasing downside risks to the FY22 outlook stated ratings agency Fitch maintaining it's&nbsp;'BBB-' sovereign rating with a negative outlook.&nbsp; Fitch expects&nbsp;GDP growth of 12.8% in FY22, moderating sharply to 5.8% in FY23.
Sounding cautious the rating agency stated.&nbsp;&ldquo;The medium-term debt trajectory is core to our rating assessment, as higher debt levels constrain the government&rsquo;s ability to respond to future shocks and could lead to a crowding out of financing for the private sector."
Fitch however did state that the second wave of virus cases may delay the recovery, but is unlikely to derail it.
&nbsp;

Recent surge in coronavirus cases poses increasing downside risks to the FY22 outlook stated ratings agency Fitch maintaining it's&nbsp;'BBB-' sovereign rating with a negative outlook.&nbsp; Fitch expects&nbsp;GDP growth of 12.8% in FY22, moderating sharply to 5.8% in FY23.
Sounding cautious the rating agency stated.&nbsp;&ldquo;The medium-term debt trajectory is core to our rating assessment, as higher debt levels constrain the government&rsquo;s ability to respond to future shocks and could lead to a crowding out of financing for the private sector."
Fitch however did state that the second wave of virus cases may delay the recovery, but is unlikely to derail it.
&nbsp;

Fitch cuts India's FY21 GDP growth projection to -10.5%

Fitch Ratings projected a massive 10.5% contraction of India's economy in the current financial year, revised from a 5% contraction it had projected earlier

Fitch cuts India's FY21 GDP growth projection to (-)10.5%

Fitch Ratings on Tuesday slashed India's GDP&nbsp;forecast drastically.&nbsp;The rating agency projected a massive 10.5% contraction of India's economy in the current financial year, revised from a 5% contraction Fitch had projected earlier.
India's GDP shrank by a staggering 24% year-on-year in the June quarter amid the imposition of a stringent nationwide lockdown&nbsp;in the wake of coronavirus.
It cautioned that the recovery has been sluggish and uneven.
The rating agency,&nbsp;however, expects the&nbsp;GDP&nbsp;to rebound strongly in Q3FY21.&nbsp;
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