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.
At long last, the stench from Chicago is so strong that even Fitch can smell it. Fitch just now downgraded Chicago Board of Education General Obligation bonds to junk status.Fitch and the S&P were holdouts because there's money to be made by purposely pretending a manure factory is a rose garden.MarketWatch reports Fitch Downgrades Chicago Board of Ed (IL) ULTGOs to 'BB+'.
Moody\'s Investors Service has downgraded one of the leaders of iron mining, Vale SA (ADR) (NYSE:VALE) as it does not expect commodity prices to recover before 2017. The ratings agency has lowered its credit rating on Vale from “Baa2” to “Baa3”. The new rating is just one notch above a speculative grade or junk territory. The outlook of the company remains negative at Moody’s. After the downgrade, the stock is down by 3.98% at $3.14 in early market-hours today.
NEW DELHI: Fitch Ratings today affirmed India's rating at 'BBB-' -- the lowest investment grade -- with a stable outlook, saying strong medium-term growth outlook and favourable external finances balance out weak structural features, including its business environment.
Just like that BBBrazil is BBB-razil, with a negative outlook, as the third rating agency being to catch up to the others, most notably S&P, which cut Brazil to Junk when it downgraded Brazil to BB+ with (also negative outlook) just one month ago, after Fitch concludes that "Brazil's economic recession is likely to be deeper and longer than Fitch's earlier expectations and its performance has diverged materially from those of its rating peers." The full Fitch report below: Fitch Downgrades Brazil to 'BBB-'; Outlook Negative
As noted yesterday, both Fitch and S&P came out with (well, sort of came out in Fitch case) updated ratings for Russia. I covered S&P ratings here: http://trueeconomics.blogspot.ie/2015/04/17415-conservative-to-surprising-degree.htmlNow onto Fitch.
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.
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 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.