Fitch

Fitch affirms Saudi Arabia’s strong credit rating

London - Muslimchronicle

Fitch has affirmed Saudi Arabia’s strong credit rating and said the outlook for the economy is stable, according to a statement from the agency. The Kingdom’s credit rating stands at “A+” amid a series of economic reforms underway as part of the drive to diversify the economy to make it less dependent on oil. “Saudi Arabia’s ratings are supported byRead more

Fitch cuts Venezuela debt rating

Washington - Muslimchronicle

The Fitch ratings agency said Friday it has cut the rating on Venezuela's foreign debt after the government called for a creditors meeting to renegotiate a debt load estimated at $150 billion. Fitch cut the debt grade to "C" from "CC" based on the announcement and on "previously missed payments" which "makes a default event highly probable," the company saidRead more

Fitch Downgrades Qatar’s Rating expecting slow economic growth

Doha - Muslimchronicle

Qatar’s government may reduce its capital spending on economic projects and infrastructure if damage to its economy from sanctions intensifies, Fitch Ratings said on Monday as it cut the country’s credit rating. Fitch lowered Qatar by one notch to AA-minus with a negative outlook. That brought it into line with the other two major rating agencies, Moody’s and Standard &Read more

Fitch keeps China's 'A+' rating but warns over debt

Beijing - AFP

Fitch Ratings warned Friday that China's growing debt could trigger "economic and financial shocks", but said it will maintain the country's A-plus rating with a stable outlook despite its concerns. The announcement follows Moody's shock decision in May to downgrade the world's second-largest economy for the first time in almost three decades on concerns over its ballooning credit and slowingRead more

Fitch maintains 'B+' long term Cyprus's ratings

Nicosia - XINHUA

Fitch ratings agency maintained its long term ratings for Cyprus at "B+" with a positive outlook despite acknowledging "a track record of fiscal consolidation, progress in financial sector restructuring and economic recovery". According to a statement made available in Nicosia on Saturday, the agency cited as factors weighing heavily on Cyprus's credit profile its large sovereign debt currently standing atRead more

Saudi Arabia market buoyant despite Fitch downgrade

Jeddah - Arab Today

Top economists Tuesday downplayed the impact of the Fitch rating agency’s latest assessment of Saudi Arabia’s economic strength. The Saudi stock market ended 1.46 percent higher despite Fitch’s move. Crude prices, meanwhile, rose on Tuesday to bring gains over the past three sessions to more than 10 percent. “Saudi Arabia is taking fundamental steps to fiscally consolidate, optimize and rationalizeRead more