Moody's downgrades ratings of 8 firms, 3 banks

02 Juin, 2020, 17:26 | Auteur: Auguste Feret
  • Moody's Downgrades India's Rating, Maintains Negative Outlook

A day after India's sovereign rating downgraded, Moody's Investors Service on Tuesday cut ratings of eight non-financial companies, including Infosys, Tata Consultancy Services (TCS), ONGC, and three banks SBI, HDFC Bank and EXIM.

The review for downgrade reflects Moody's expectation that the forward-looking improvements to these three bank's credit profiles will be more hard in the current environment, said the rating agency. The outlook remains negative, it said.

Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.

"Economic disruption caused by the coronavirus outbreak and the downgrade of the sovereign rating are the key drivers for today's rating actions", the release stated. This means, India is just one notch above the non-investment grade or junk grade.

However, most private sector banks have better loss absorbing capacity than their state-run peers because of stronger capitalization and loan loss reserves. Moody's has affirmed CBI and IOB's ratings and BCA with a stable outlook.

Moody's has also lowered India's long-term foreign-currency bond and bank deposit ceilings to Baa2 and Baa3, from Baa1 and Baa2, respectively.

USA riots following the death of George Floyd, May 31
Several other cities across the nation have order curfews following unrest surrounding demonstrations protesting Mr Floyd's death. In Oakland, police are investigating the shooting death of a security guard of a federal building near the protest site.

Un nouveau forfait 80 Go à 10,99 €/mois — Free Mobile
Ce tarif très attractif est valable durant les 6 premiers mois de souscription, et passe ensuite à 13,99 euros. L'accès à l'application SFR TV est également compris, ce qui permet de regarder la TV depuis votre smartphone.

Cinq joueurs positifs au coronavirus — Barça
Le 11 juin prochain, c'est le derby de Séville qui lancera le retour de la Liga sur les pelouses espagnoles. Cinq joueurs et deux membres du staff du Barça auraient été contrôlés positifs au Covid-19, rapporte As.

"The decision to downgrade India's ratings reflects Moody's view that the country's policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth, significant further deterioration in the general government fiscal position and stress in the financial sector", the ratings agency said.

Bank of Baroda, headquartered in Mumbai, reported total assets of Rs.10.9 trillion at 31 December 2019. The deposit ratings of these banks are at the same level as India's Baa3 sovereign rating.

The Finance Ministry did not reply to a mail seeking comments on the ratings downgrade.

"...the pandemic amplifies vulnerabilities in India's credit profile that were present and building prior to the shock", Moody's said. The agency said that IndusInd's weak funding, as reflected by its high deposit concentration and low share of retail deposits, makes the bank more susceptible to dislocations in financial markets.

In the case of CBI and IOB, Moody's expects the asset quality and profitability pressures due to the coronavirus outbreak will be largely mitigated by the improvements in the banks' credit profile over the past year.

The rating agency has downgraded the counterparty risk rating and counterparty risk assessment of HDFC Bank, PNB, CBI and IOB.



Montreal hitting optimistic targets in COVID-19 projections but future uncertain
Another child at a daycare in the Quebec City region was also sent home from daycare after a parent tested positive, Arruda said. The survey didn't include statistics from 12 of Quebec's 72 school boards, because they did not provide data.

Violence escalates overnight after Trump's threat to deploy army — George Floyd protests
The protests follow the death of 46-year-old African American man George Floyd during his arrest by Minneapolis police last week. Floyd, who was on the ground and handcuffed at the time, died after saying he couldn't breathe.

India approves emergency use of remdesivir to treat Covid-19 patients
Gilead Sciences, the patent holder of the drug, has the complete data about the pre-clinical and clinical studies for remdesivir . The results from the Phase III clinical trial on the drug have not yet been published in a peer-reviewed medical journal.

Oil prices hold ground ahead of Opec+ meeting on extended output cuts
Meanwhile, in the USA , the oil-drilling fleet shrank for the eleventh week to a level not seen since before the shale revolution. The fund plans to sell its July holdings and buy more November and January futures over the next 10 trading sessions.

New WWE 24/7 Champion Crowned On Raw
Since then, Gronkowski resumed his career in the National Football League and signed with the Tampa Bay Buccaneers . Gronkowski signed with WWE this past March and was expected to work a match at SummerSlam in August.

Hong Kong leader accuses United States of `double standards` over protests
Last month the State Department announced the territory was no longer sufficiently autonomous to justify that special status.

Mars Has a Magnetic Field and Now We Know More About It
This map shows the electrical currents, which created a double up structure around Mars. All of these findings were spotted by MAVEN about three years ago .

'I know how it feels'
I know how it feels... "I know how it feels.Our love and support is with you baby", tweeted SRK, whose parents are no more. The foundation, on Twitter, thanked people for helping them reach the child, sharing a picture of him with his family.

Tinashe Slams Lana Del Rey for Sharing Looting Video Amid Protests
Meanwhile, fans informed Kehlani that the video was reposted. "It's unsafe as f**k and a very poor choice of moments to post". Later, the video was deleted but a shorter video can still be seen on the singer's page, which has 16.5 million followers.

Gilead: Short Course Remdesivir Tops Standard COVID-19 Tx
The company also plans to submit the full data to a peer-reviewed journal in the coming weeks, it says. No new safety signals were identified with remdesivir across either treatment group.