Indian companies to see higher interest burden in FY24 against FY22: Report

India Ratings & Research (Ind-Ra) said Tuesday, benefits to companies owing to lower interest rates and a reduction in debt are likely to be reversed in the current fiscal year. According to the report, the move will take place because of a sharp rise in interest rates and higher working capital financing needs. Ind-Ra expects … Read more

Fitch Ratings flags high fiscal deficit target

Agency says lower debt trajectory key to reviewing its negative rating outlook on India Rating agencies are not enthused by the fiscal consolidation road map and the lack of major reform proposals in the Union Budget. Fitch Ratings, which has a negative outlook on India’s sovereign rating, said that beyond the higher capex drive, the … Read more

Tesla inches toward blue-chip status after Moody’s rating boost

Moody’s Investors Service Inc.’s move to ramp up Tesla Inc.’s credit rating to the cusp of investment grade is bolstering expectations that the famous electric vehicle maker will secure blue-chip status as soon as early next year. The agency boosted Tesla by two notches to the highest junk rating of Ba1 on Monday, citing improving … Read more

Rating companies form umbrella organisation in a first

Two domestic credit rating agencies are leading the way in forming a self-regulatory organisation for the sector. CARE Ratings and Acuite Ratings & Research have set up a unit to evolve a common code of conduct and practices to prevent a recurrence of defaults such as those by IL&FS and DHFL. This is the first … Read more

Moody’s downgrades India rating to lowest investment grade

Moody’s downgrades India’s sovereign rating to ‘Baa3’ from ‘Baa2’ with negative outlook. This is one shot away from non investment grade – though it’s unlikely that would happen. It’s also reasonable to expect that in all likelihood, S&P will follow soon. They are currently one step higher at BBB- with stable outlook. Mostly, they would … Read more