Moody’s places PFC, REC on ‘review for downgrade’
6 years, 1 month ago

Moody’s places PFC, REC on ‘review for downgrade’

Live Mint  

New Delhi: Moody’s Investors Service on Thursday placed state-run firms REC Ltd and Power Finance Corp. Ltd “on review for downgrade” after the Union government decided to sell its entire stake and transfer management control in REC to PFC. This follows ICRA Ltd placing the long-term rating of AAA for the various debt programmes of REC and PFC “on watch” on Wednesday with developing implications. While Moody’s has placed “on review for downgrade the Baa3 issuer ratings” of PFC and REC, it also placed “on review for downgrade the Baa3 foreign currency senior unsecured MTN program ratings and Baa3 foreign currency senior unsecured ratings of PFC and REC,” the agency said in a statement. Thus, PFC’s own credit profile would have a bearing on REC’s rating and PFC’s own capitalization profile is likely to get impacted post the proposed acquisition,” ICRA said on Wednesday.

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History of this topic

Moody’s affirms India’s sovereign rating at ‘Baa3’; says GDP growth to support increase in income level
1 year, 4 months ago

Moody’s affirms India’s sovereign rating at ‘Baa3’; says GDP growth to support increase in income level

The Hindu  

Moody's on August 18 affirmed India's sovereign rating at 'Baa3' with a stable outlook and said high growth will support a gradual increase in income levels, which will further contribute to economic strength. "Moody's Investors Service has today affirmed the Government of India's long-term local and foreign-currency issuer ratings and the local-currency senior unsecured rating atBaa3. All three global rating …

India said to bat for sovereign rating upgrade in review with global agencies
1 year, 10 months ago

India said to bat for sovereign rating upgrade in review with global agencies

The Hindu  

India is seeking an upgrade to its sovereign credit rating, currently at the lowest-possible investment grade, as the Asian nation believes its economic metrics have improved considerably since the pandemic, a senior government official said on Monday. The country's Finance Ministry met representatives from the top three rating agencies – Fitch Ratings, Moody’s Investors Service and S&P Global Ratings – …

Moody's rating agency raises outlook to 'stable' for 18 corporates and banks
3 years, 3 months ago

Moody's rating agency raises outlook to 'stable' for 18 corporates and banks

Firstpost  

This follows the upgrade by the US-based rating agency in India’s sovereign rating outlook to ‘‘stable’’ from ‘’negative’’ on Tuesday New Delhi: Moody’s Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to ‘‘stable’’ from ‘’negative’’. This follows the upgrade by the US-based rating agency in India’s …

Moody’s upgrades outlook on India from ‘negative’ to ‘stable’
3 years, 3 months ago

Moody’s upgrades outlook on India from ‘negative’ to ‘stable’

Hindustan Times  

India on Tuesday had its sovereign credit rating outlook revised to stable from negative by Moody’s Investors Service, on receding risks posed by the financial sector to the overall economy. “The decision to change the outlook to stable reflects Moody’s view that the downside risks from negative feedback between the real economy and financial system are receding. In November 2017, …

Moody’s cuts ratings on BoB, Canara, two others
4 years, 4 months ago

Moody’s cuts ratings on BoB, Canara, two others

The Hindu  

Moody’s Investors Service has downgraded the long-term local and foreign currency deposit ratings of four public sector banks — Bank of Baroda, Bank of India, Canara Bank and Union Bank of India — to Ba1 from Baa3 and their baseline credit assessments to b1 from ba3. However, the ratings agency affirmed Punjab National Bank’s long-term local and foreign currency deposit …

Moody's Downgrades Deposit Ratings of BoB, BoI, Canara Bank, Union Bank
4 years, 4 months ago

Moody's Downgrades Deposit Ratings of BoB, BoI, Canara Bank, Union Bank

News 18  

Moody's Investors Service on Friday downgraded the long-term local and foreign currency deposit ratings of Bank of Baroda, Bank of India, Canara Bank and Union Bank of India to Ba1 from Baa3. It affirmed Punjab National Bank's long-term local and foreign currency deposit ratings at Ba1 and its BCA at B1 but changed its ratings outlook to negative from stable. …

Moody’s downgrades 11 banks
4 years, 7 months ago

Moody’s downgrades 11 banks

The Hindu  

Ratings agency Moody’s has taken rating action on 11 banks as well as 11 companies, a day after it downgraded India’s sovereign rating to Baa3 from Baa2. Among banks, Moody’s has downgraded the long-term local and foreign currency deposit ratings of HDFC Bank and State Bank of India to Baa3 from Baa2, and the long-term issuer rating of EXIM India …

Moody’s downgrades India’s rating; sees FY21 GDP contracting 4%
4 years, 7 months ago

Moody’s downgrades India’s rating; sees FY21 GDP contracting 4%

The Hindu  

Rating agency Moody’s downgraded India’s foreign currency and local currency long term issuer ratings to Baa3 from Baa2, while maintaining a negative outlook, citing prolonged period of low growth and further deterioration in the government’s fiscal position. The rating agency expects the country’s GDP to contract by 4% in the current financial year due to the shock from the pandemic …

Moody's downgrades India's rating to Baa3; outlook remains ‘negative’; says move not driven by impact of COVID-19 outbreak
4 years, 7 months ago

Moody's downgrades India's rating to Baa3; outlook remains ‘negative’; says move not driven by impact of COVID-19 outbreak

Firstpost  

The global rating agency Moody’s Investors Service on Monday downgraded India’s rating to BAA3 from Baa2, and its short-term local-currency rating to P-3 from P-2 The global rating agency Moody’s Investors Service on Monday downgraded India’s rating to BAA3 from Baa2, and its short-term local-currency rating to P-3 from P-2. “Moody’s has adowngraded India’s local-currency senior unsecured rating to Baa3 …

Moody's reviews BPCL rating for downgrade on government sell-off
5 years, 1 month ago

Moody's reviews BPCL rating for downgrade on government sell-off

The Quint  

Mumbai, Nov 26 Moody's Investors Service on Tuesday said it has placed state-run Bharat Petroleum Corp Ltd's rating on review for downgrade after the government decided to privatise the country's company. "The review for downgrade follows the government of India's decision to sell its entire 53.29 per cent stake in BPCL and to transfer management control of the company to …

Moody's assigns Baa1 rating to ONGC's proposed senior unsecured notes
5 years, 1 month ago

Moody's assigns Baa1 rating to ONGC's proposed senior unsecured notes

India TV News  

Moody's Investors Service on Wednesday said it has assigned a 'Baa1' rating to the proposed senior unsecured notes to be issued by Oil and Natural Gas Corp under its USD 2 billion medium-term note program. "The notes' rating is in line with ONGC's Baa1 issuer rating, which is in turn primarily driven by its standalone credit profile as captured by …

Moody’s outlook revision may prove costly for banks
5 years, 2 months ago

Moody’s outlook revision may prove costly for banks

Live Mint  

Moody’s Investors Service’s revision of the outlook for key Indian banks and financial institutions from stable to negative on Friday could make it dearer for them to borrow on international markets in the short term, three analysts said. Moody’s on Friday affirmed the ratings, but revised the outlook for six banks and financial institutions—State Bank of India, HDFC Bank, Hero …

Moody's Downgrades Yes Bank's Long-term Foreign Currency Issuer Rating
5 years, 4 months ago

Moody's Downgrades Yes Bank's Long-term Foreign Currency Issuer Rating

News 18  

New Delhi: Moody's Investors Service on Wednesday said it has downgraded Yes Bank's long-term foreign-currency issuer rating and has kept the outlook at negative. Moody's also downgraded the bank's long-term foreign and local currency bank deposit ratings to Ba3 from Ba1, foreign currency senior unsecured MTN program rating to Ba3 from Ba1, and Baseline Credit Assessment and adjusted BCA to …

Moody's downgrades Yes Bank's long-term foreign currency issuer rating
5 years, 4 months ago

Moody's downgrades Yes Bank's long-term foreign currency issuer rating

India TV News  

Moody's Investors Service on Wednesday said it has downgraded Yes Bank's long-term foreign-currency issuer rating and has kept the outlook at negative. Moody's also downgraded the bank's long-term foreign and local currency bank deposit ratings to Ba3 from Ba1, foreign currency senior unsecured MTN program rating to Ba3 from Ba1, and Baseline Credit Assessment and adjusted BCA to b1 from …

PFC allays investor concerns over govt stake buyout in REC, says acquisition deal size yet to be finalised
6 years ago

PFC allays investor concerns over govt stake buyout in REC, says acquisition deal size yet to be finalised

Firstpost  

On 20 December, the PFC’s board gave in-principle approval to the acquisition of the REC, it said. New Delhi: Allaying investors’ concerns over acquisition of the government’s stake in Rural Electrification Corporation Limited, Power Finance Corporation on Thursday said it has not decided on definitive pricing of the deal and its impact cannot be assessed at this stage. “Currently, PFC …

Airtel under Moody’s lens for ratings downgrade
6 years, 2 months ago

Airtel under Moody’s lens for ratings downgrade

Live Mint  

Mumbai: Bharti Airtel Ltd’s credit rating was placed under review for a possible downgrade by Moody’s Investors Service on high debt levels and weak cash flow generation. “The review for downgrade is primarily driven by our expectation that Bharti’s cash flow generation will remain weak and leverage elevated,” Annalisa DiChiara, vice president and senior credit officer at Moody’s, said in …

Moody's places Bharti Airtel's rating on review for downgrade on lower profitability
6 years, 2 months ago

Moody's places Bharti Airtel's rating on review for downgrade on lower profitability

Firstpost  

New Delhi: Moody’s Investors Service on Thursday placed Bharti Airtel’s rating on review for downgrade, following low levels of profitability and expectation of weak cash flow. The review also reflects the company’s low levels of profitability, particularly from its core Indian mobile operations, negative free cash flow and higher debt levels to fund capital spending, it said. “Because we believe …

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