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The Latest Breaking News from Fitch

Rating agency Fitch downgrades UK credit outlook

Lack of independent forecasts at mini-budget and clash with Bank of England’s inflation strategy prompts cut

The Guardian - UK

Kwarteng to ‘work closely’ with banks as five-year mortgage rates hit 6%; pound falls through $1.12 – as it happened

Average mortgage rates hit 12 year high, as ratings agency Fitch lowers outlook on UK debt to “negative” from “stable”

The Guardian - UK

Fitch upbeat on critical minerals demand

Australian lithium, copper and nickel stocks are surging after an upbeat report on world demand for the vital ingredients in green energy and electric vehicles.

AAP

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Ghana negotiations with IMF to be fast-tracked : finance minister

Ghana's negotiations with the International Monetary Fund over a rescue package will be fast-tracked, the country's Finance Minister Ken Ofori-Atta said on Wednesday.

Reuters

Default 'a real possibility' for Ghana, Fitch senior director says

Sovereign debt default is "a real possibility" for Ghana as it contends with an economic crisis, a senior director from the ratings agency Fitch said on Wednesday.

Reuters

Bitcoin-Loving El Salvador President Nayib Bukele Running For Reelection: Here's How The Crypto Performed Since Becoming Legal Tender In The Country

In June 2021, El Salvador became the first country to make cryptocurrency Bitcoin (CRYPTO: BTC) legal tender.

Benzinga

As 'buy now, pay later' plans grow, so do delinquencies

A growing number of American shoppers have jumped at the chance to use “buy now, pay later” loans to pay for new sneakers, electronics, or luxury goods in installments

The Independent UK

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Climbing interest rates yet to bite most Australian mortgage holders, economists say

As the RBA meets to consider the cash rate, analysts warn the impact of previous rises is yet to be felt fully

The Guardian - AU

Fitch Upgrades Oman Rating to BB

Global rating agency Fitch Ratings upgraded the long-term foreign currency issuer default rating on Oman to BB from BB-. The outlook on Oman is stable, Fitch said on Monday. The agency said the upgrade "reflects significant improvements in Oman's fiscal metrics, a lessening of external financing pressures and ongoing efforts…

Asharq Al-Awsat

Edinburgh plans for Abercrombie and Fitch in former Jack Wills building on George Street

If approved, the American fashion retailer would open up at the former Jack Wills store at 65 George Street. Although Abercrombie and Fitch have a presence down south, this would be their only shop in Scotland.

Edinburgh Live

How costly political realities undercut Ghana's electricity reforms

Ghana reformed its electricity sector by the book but has lurched from blackouts between 2012 and 2015 to a glut of energy which costs government about 5% of GDP. Fitch ranks the energy sector as the biggest driver of national debt. How did this happen? It’s a classic case of…

The Conversation

High Interest Rates to Boost Profitability of Saudi Banks

Fitch Ratings predicted that higher oil prices and interest rates will enhance the profitability of Saudi banks during 2022-2023. This comes at a time when the loan-to-deposit ratio of Saudi banks is at its highest level in 15 years. Fitch said that a 200bp increase in interest rates would boost…

Asharq Al-Awsat

Canopy Growth - Cointreau Trademark Battle Ends, Fitch Ratings Downgrades Canopy Stock

Last year, the French alcohol maker Remy Cointreau (OTC: REMYY) sued Canopy Growth Corporation (NASDAQ: CGC) for alleged trademark infringement over its CBD-infused sparkling water brand Quatreau.

Benzinga

Fitch keeps Thai credit rating BBB+

Fitch Ratings has affirmed Thailand's credit rating at "BBB+" with a stable outlook, which is acceptable to the government, says government spokesman Thanakorn Wangboonkongchana.

Bangkok Post

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The Guardian - UK

Ocado aims to raise £575m from investors to fund tech arm expansion

Firm wants to ‘invest in innovation at faster pace’ and help clients as online grocery market grows

Asharq Al-Awsat

Ratings Firm Moody’s to Shut Moscow Office at End of Month

Credit rating firm Moody's will formally shut its office in Russia's capital Moscow at the end of the month, sources told Reuters, with staff either being cut or relocated elsewhere. Western sanctions mean the main USand European-based rating agencies Moody's, S&P Global and Fitch have all suspended their operations in…

The Hindu

Fitch upgrades India outlook to stable from negative

Pares 2022-23 growth to 7.8%, expects inflation to average 6.9%

Asharq Al-Awsat

Fitch Ratings Warns of Elections’ Impact on Lebanese Economy

A leading international credit ratings agency warned Friday that the results of this month’s parliamentary elections in Lebanon make it difficult for any coalition to have a governing majority, potentially complicating implementation of reforms. Shortly after the warning from Fitch Ratings, the Lebanese pound briefly hit new lows against the…

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The Independent UK

Fitch Ratings warns of elections' impact on Lebanese economy

A leading international credit ratings agency has warned that the results of this month’s parliamentary elections in Lebanon make it difficult for any coalition to have a governing majority, potentially complicating implementation of reforms

The Guardian - AU

Market response to Australia’s new Labor government will be ‘muted’, economists say

Analysts say election of Albanese government will not ‘shift the dial’ on economic forecasts

Financial Times

The rise, fall and rebirth of the shopping centre

The decline of bricks-and-mortar retail has been a catastrophe for malls. But landlords and local authorities are trying to ensure they have a future

Chicago Sun-Times

Illinois notches 5th credit boost in a year

The upgrade is the first the state has seen from Fitch since June 2000 — and it comes as Gov. J.B. Pritzker, who is running for reelection, hopes to prove to voters that the state is in better fiscal shape under his leadership.

Asharq Al-Awsat

Fitch Cuts China's 2022 GDP Forecast on COVID Hit

Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year. The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second…

Asharq Al-Awsat

Fitch Upgrades Saudi’s PIF Outlook to ‘Positive’

Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country. It also affirmed the PIF's rating at "A". Fitch had cited improvements in Saudi Arabia's balance sheet due to higher…

Los Angeles Times

Michael Hiltzik: In Florida, DeSantis punishes Disney — by giving it a big tax cut

Up in their corporate suite, executives of the Walt Disney Co. must be laughing themselves silly.

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