Fitch ratings has issued its latest ratings report on Australia, affirming Australia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook. Australia’s growth pre-pandemic was one of the strongest in the developed world. and it has recovered from the Pandemic strongly than most with a strong trade surplus. Australia saw a rapid rise in the working age population with fast net immigration accounting for over half of the expansion pre-pandemic help fuel the strength. Key Ratings Drivers … Continue reading “Fitch Ratings Affirmed Australia’s ‘AAA’ With a Stable Outlook”
China Property Giant Evergrande Default Imminent Fitch Warns in Downgrade
Fitch Ratings following up from their Evergrande downgrade further warned a credit event could result in contagion and headwinds. Fitch cut the ratings of China Evergrande Group and two of its subsidiaries last Wednesday. Following up from their downgrade last week Fitch added a default would reinforce credit polarization among homebuilders. Furthermore it could result in headwinds for some smaller banks. Evergrande shares are down about 90% in 14 months, its dollar bonds are trading at 60-70% below par. The … Continue reading “China Property Giant Evergrande Default Imminent Fitch Warns in Downgrade”
Ratings Agency Fitch Weighs Up US Presidential Election Outcomes
Fitch Ratings on Monday in a note on the forthcoming U.S. election looked at the implications for policy. Two of the potential outcomes are most relevant for credit, a “status quo” result or Biden becoming President and Democrats winning Senate and Congress.
Australia Affirmed AAA Rating by Fitch With Outlook Stable
Rating agency Fitch affirmed Australia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘AAA’ with a stable outlook. Last month Australia’s AAA sovereign rating was affirmed by S&P Global Ratings and the outlook was revised up to ‘stable’ from ‘negative’.