Fitch Ratings
India's logistics sector unlikely to see major changes, says Fitch
The Indian logistics industry was poised for a significant change when the proposal for FDI in multi-brand retail was cleared by Cabinet, but with this major regulatory reform delayed, it is likely to be business as usual in the sector, according to a Fitch report.
Another upgrade if Indonesia can jump hurdles, says Fitch
Indonesia could achieve another rating upgrade if it can tackle problems with infrastructure, crack down on rampant corruption and prepare measures to mitigate external shocks, says Fitch Ratings, which last month raised the nation's sovereign rating to investment level.
Fitch raised Indonesia's long-term sovereign debt rating to BBB-, the lowest investment grade, from BB+ on 15 Dec., citing the country's robust economic growth, prudent fiscal and monetary policies. The outlook is positive, which means that Indonesia is inclined for a rating upgrade.
Indonesia investment rating restored after 14 years
Indonesia on Thursday recovered its coveted investment grade status from Fitch Ratings, the first of the three major ratings agencies poised to give the emerging economy a lift.
The move crowns nearly a decade of steady economic improvement in Southeast Asia's largest economy, which had been downgraded to junk status during the Asian financial crisis in 1997, when the 32-year rule of strongman Suharto came to an end.
NZ's credit rating slashed to AA
New Zealand's credit rating was cut one step to AA by Fitch Ratings, which cited the southern Pacific nation's high level of debt and persistent current account deficit.
The outlook is stable after the long-term local-currency rating was reduced one level to AA+ and the foreign-currency rating was cut to AA from AA+, S&P said in a statement, matching actions announced on Thursday by Fitch.
Cash conversion cycles of India's retailers drop, but still remain high
Cash conversion cycles of Indian retailers such as Pantaloon, Trent and Next Retail remain high, despite the drop in the cycle between 2007 and 2010, a new report from ratings firm Fitch Ratings said.
The cash conversion cycle measures the time between the outlay of cash and cash recovery by a retailer. A lower cycle reflects better cashflows from operations.
Fitch says higher Philippine revenue, spending to boost growth
The Philippine government's plan to increase spending and revenue may boost growth and lead to higher credit ratings, Fitch Ratings said.
The government raised its 2010 spending budget for public works, salaries and debt payments to a record PHP1.62 trillion (USD34.81 billion) from a previous forecast of PHP1.58 trillion, Budget Undersecretary Laura Pascua said in an interview yesterday. Revenue, including gains from the sale and lease of assets, may climb to PHP1.32 trillion (USD28.38 billion) compared with an earlier estimate of PHP1.28 trillion, she said.
