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.
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.
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
Two ratings agencies updated their ratings for Russia today. Here are some highlights:S&P first (Fitch later, so stay tuned):S&P kept Russia’s foreign-currency credit rating at BB+ or one step below investment grade with negative outlook. ""We are affirming our 'BB+/B' long- and short-term foreign currency ratings and our 'BBB-/A-3' long- and short-term local currency ratings on Russia".