Fitch Ratings warned on Monday that it could downgrade Japan's sovereign rating after Prime Minister Shinzo Abe delayed an increase in the nationwide sales tax by two-and-a-half years due to worries the economy has not shaken
Global rating agency Fitch today downgraded its long-term corporate credit rating on Rolta India on account of non-payment of bank loans by the IT services firm.
The credit profiles of state-run banks are under pressure following huge losses in the past two consecutive quarters which have weakened their core capital adequacy, says Fitch.
Fitch Ratings today lowered India's economic growth forecast for next fiscal to 7.7 per cent, but maintained the GDP projection for current fiscal at 7.5 per cent.
Fitch also said the weak state of public banks weighs on Indian banking sector as a whole with core capitalisation generally weaker than regional peers as a result.
Payments Banks will increase competition for the public sector lenders and could also pose risks to their market share over the long-term, Fitch Ratings said today.
In a big vote of confidence in the Modi government, rating agency Moody's today raised India's credit outlook to 'positive', while Fitch projected faster growth...
