Fitch Ratings downgraded the outlook rating on Transocean LTD (NYSE:RIG) from Stable to Negative on Wednesday. The credit rating company has attributed the downward revision in outlook rating to the continuing drop in crude oil price that will have an adverse impact on demand of the offshore rig services offered by oil-producing entities.
Petroleo Brasileiro Petrobras SA’s (ADR) (NYSE:PBR) credit rating has been lowered by Fitch Ratings after Brazil’s largest oil producer posted disappointing third-quarter earnings for fiscal year 2014.
Fitch Ratings downgraded Alcoa Inc.’s (AA) credit rating on Friday after the closing bell. The credit rating agency cited Alcoa’s financial constraints, including falling aluminum prices as the primary reasons behind its decision to downgrade the largest aluminum producer in the US.
A few days ago I saw a report that the IMF was breaking off negotiations with Hungary regarding a debt package. I knew what was next: a weakening currency and more downgrades. The downgrades came in spades.
Bloomberg reports Hungary Hit by Second Debt Downgrade to Junk on Orban’s Policies
Fitch Ratings has broken rank with its two fellow ratings agencies and upgraded the Philippines’ sovereign rating to investment grade for the first time, citing the resilience of the domestic economy, improved fiscal management and prudent monetary policy.
The Philippine stock index surged to a record high on Wednesday following the long-awaited ratings action, which is expected to precipitate similar moves by the other major debt watchers in the coming months.
DETROIT (Reuters) - Fitch Ratings upgraded Ford Motor Co to investment grade on Tuesday, marking a key step that brings the second-largest U.S. automaker closer to reclaiming its Blue Oval trademark. Fitch upgraded Ford and its captive finance arm to "BBB-" from "BB+" to reflect the improvement in Ford's finances since its near collapse in 2006. Ford has lowered its break-even point since the last recession and improved its vehicle lineup. ...