Fitch Ratings has affirmed Adani Ports and Special Economic Zone Limited's (APSEZ) Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' and removed it from Rating Watch Negative (RWN), while maintaining a Negative Outlook.
In a statement Monday, Fitch affirmed the said ratings, noting that the Adani group "has demonstrated adequate funding access" since the US indictment of certain board members of another group entity, Adani Green Energy Limited (AGEL), on 20 November 2024.
Indian oil marketing companies' EBITDA will rise in the next financial year - 2025-26 -- as demand growth remains steady and Brent crude oil prices fall -- to USD 70 a barrel in 2025 and USD65 a barrel in 2026, said Fitch Ratings.
While softer economic conditions, tighter bank funding, and asset quality concerns are expected to affect the sector's credit growth and profitability in the near term, larger NBFIs with robust operations and diversified funding channels are expected to maintain steadier performance.
The downward revision from the rating agency came soon after the Reserve Bank in its latest monetary policy cut growth forecast to 6.6 per cent from 7.2 per cent.
American credit rating agency Fitch Ratings, on August 29, affirmed India's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook.
On August 14, the Supreme Court ruled that mineral-rich states can collect past dues on royalty and taxes on mines and mineral-bearing land from April 1, 2005, from both the Centre and mining lease holders