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India Inc’s credit quality remained robust in FY24, say rating agencies

Thehindubusinessline

Thehindubusinessline · 1y ago

India Inc’s credit quality remained robust in FY24, say rating agencies

India Inc's credit quality remained strong in FY24, with more entities being upgraded than downgraded. Credit rating agencies attribute this to a resilient economy, robust domestic consumption, government infrastructure spending, and healthy balance sheets. Despite global uncertainties, the credit ratios remained elevated for most agencies. Sectors benefiting from domestic consumption and government spending, such as infrastructure and construction, saw the most upgrades. However, some export-linked sectors experienced downgrades due to subdued global demand and high-cost inventory. The outlook for FY25 remains positive, with upgrades expected to continue surpassing downgrades.

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Credit rating firms seek govt intervention over regulatory void on ₹1 L cr unlisted debt

Economic Times

Economic Times · 25d ago

Credit rating firms seek govt intervention over regulatory void on ₹1 L cr unlisted debt

Credit rating firms in India are seeking the intervention of the corporate affairs and finance ministries due to regulatory ambiguities over rating unlisted securities worth over ₹1 lakh crore. The confusion arises because the Securities and Exchange Board of India (SEBI) regulates only listed securities, leaving a gap for unlisted debts, including company fixed deposits. Rating agencies need clarity on whether they can apply existing SEBI rules to unlisted securities.

S&P upgrades outlook on India's sovereign rating to 'positive'

VCCircle

VCCircle · 1y ago

S&P upgrades outlook on India's sovereign rating to 'positive'

S&P Global Ratings has upgraded India's sovereign rating outlook from 'stable' to 'positive'. The credit rating agency cited India's robust economic expansion and positive credit metrics as the reasons for the upgrade. S&P expects strong economic fundamentals to support growth over the next few years, regardless of the outcome of the ongoing national elections. The agency also highlighted the improved quality of government spending and the government's commitment to fiscal consolidation as contributing factors to the positive outlook. The upgrade is likely to boost investor confidence in India's economy.

SBI raises Rs 10,000 crore through infra bond sale

IndianStartupNews

IndianStartupNews · 1y ago

SBI raises Rs 10,000 crore through infra bond sale

State Bank of India (SBI) has successfully raised Rs 10,000 crore through its fourth infrastructure bond issuance. The issue was oversubscribed by more than 5 times, with investors from various sectors participating. The funds raised will be used to enhance long-term resources for infrastructure and affordable housing projects. This issuance brings the total outstanding long-term bonds issued by SBI to Rs 39,718 crore. The bank has a AAA credit rating with a stable outlook from all domestic credit rating agencies.

SEBI issues interim order against Gensol on suspicion of diversion of funds

YourStory

YourStory · 3m ago

SEBI issues interim order against Gensol on suspicion of diversion of funds

The Securities and Exchange Board of India (SEBI) issued an interim order against Gensol Engineering for fraudulent fund misutilization by promoters Anmol and Puneet Singh Jaggi. The investigation, prompted by concerns from credit rating agencies, revealed misleading financial statements and unaccounted funds of Rs 262.13 crore. Some funds were used for personal expenses. SEBI halted Gensol's stock split plan, citing potential investor risk due to financial mismanagement, causing Gensol’s shares to drop 2.3%.

Kuwait sovereign wealth fund head says investors reduce US exposure at their 'own risk'

VCCircle

VCCircle · 1m ago

Kuwait sovereign wealth fund head says investors reduce US exposure at their 'own risk'

Sheikh Saoud Salem Abdulaziz Al-Sabah, head of the Kuwait Investment Authority, emphasized the organization's steadfast commitment to investing in U.S. markets, asserting that reducing American asset exposure carries risks. Despite concerns over President Trump's trade policies and Moody's recent U.S. credit rating downgrade, Al-Sabah highlighted the diverse and robust nature of U.S. financial markets, including equities, fixed income, private equity, real estate, infrastructure, and credit, supporting their long-term reliability.

Now, give credit where credit's due - The Economic Times

Economic Times

Economic Times · 21d ago

Now, give credit where credit's due - The Economic Times

Global leaders in Seville are urged to reform the credit-rating system favoring developing countries, whose high borrowing costs hinder development. Current norms by leading agencies and regulations like Basel 4, along with IFRS standards, elevate risks and reduce investment in crucial sectors like agriculture and climate adaptation. These regulations force banks to prioritize less risky investments, deepening financial inequality. Reforms are needed to support sectors vital for developing nations' economies and sustainable growth.

Oyo Seeks Expedited IPO Approval from SEBI: Report

OutlookIndia

OutlookIndia · 1y ago

Oyo Seeks Expedited IPO Approval from SEBI: Report

Oyo, the IPO-bound hospital start-up, has reportedly met with representatives of the Securities and Exchange Board of India (SEBI) to discuss the company's progress and provide updates. The company is hoping to obtain IPO approval soon and has shared information with SEBI regarding its readiness to repay $200 million of its outstanding term loan. Oyo recently recorded its first-ever profit and announced plans to prepay a significant portion of its debt. The company's move to repay its debts has received positive feedback from credit rating agencies Fitch and Moody's.

Strong FY25 financial performance supports standalone credit profiles of banks: Fitch

Economic Times

Economic Times · 24d ago

Strong FY25 financial performance supports standalone credit profiles of banks: Fitch

Fitch Ratings reported that Indian banks' robust financial performances in the financial year ending March 2025 bolstered their standalone credit profiles and positioned the sector for future growth. Despite slowest loan growth in four years, the sector saw improved asset quality, stronger capital buffers, and stable profitability. State Bank of India led with over 40% of public sector banks' record profit growth to Rs 1.78 lakh crore, increasing 26% from the previous year.

Kerala Financial Corporation raise ₹307 crore through NCD Issue

Thehindubusinessline

Thehindubusinessline · 1y ago

Kerala Financial Corporation raise ₹307 crore through NCD Issue

Kerala Financial Corporation has raised INR 307 crore by issuing Non-Convertible Debentures (NCDs) with a 10-year term. The bonds were issued through the BSE Electronic Book Platform at a coupon rate of 8.89%. The company, which has an AA credit rating from RBI/SEBI approved rating agencies, was able to raise funds at a better rate compared to major public sector banks and state public sector undertakings. The funds raised will be utilized for financing projects under various schemes to promote the MSME sector in Kerala. KFC plans to raise an additional INR 700 crore from the bond market in the next financial year.

PSBs highest-ever net profit of rs 1.29 lakh crore recorded, marking 31.3 per cent growth

Livemint

Livemint · 5m ago

PSBs highest-ever net profit of rs 1.29 lakh crore recorded, marking 31.3 per cent growth

Public Sector Banks (PSBs) in India achieved a record net profit of ₹1.29 lakh crore during April-December 2024, marking a 31.3% increase year-on-year. The operating profit reached ₹2.20 lakh crore, with significant improvements in asset quality and the net NPA ratio at a historic low of 0.59%. Business growth was 11%, supported by deposit and credit growth. The CRAR stood at 14.83%, reflecting robust financial health and lending capacity, driven by policy and process reforms.

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