DIRS.INFO The most relevant business & tech news

☆ Fitch downgrades China’s credit rating outlook over economic worries
▼ + stars: | 2024-04-10 | by ( Juliana Liu | Wayne Chang | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Fitch downgraded its outlook on China’s credit rating on Tuesday, citing increasing risks to its finances as it faces economic challenges. Lowering its outlook from stable to negative does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Fitch has kept its rating on Chinese sovereign bonds at A+. Fitch believes the general government deficit will rise to 7.1% of gross domestic product in 2024 from 5.8% last year. In December, rival ratings agency Moody’s downgraded its outlook on China’s credit rating from stable to negative, citing risks related to “structurally and persistently lower medium-term economic growth” and ongoing troubles in its property sector.

Persons: Hong Kong CNN — Fitch, China’s, Fitch, “, Moody’s Organizations: Hong Kong CNN, Finance, Fitch Locations: China, Hong Kong

☆ Fitch downgrades outlook on China to negative on economic growth risks
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: 1 min

The aerial view shows residential buildings under construction in Hangzhou, China on March 15, 2024. Ratings agency Fitch revised its outlook on China's sovereign credit rating to negative on Tuesday, citing risks to public finances as the economy faced increasing uncertainty in its shift to new growth models. Fitch forecast the general government deficit would rise to 7.1% of gross domestic product (GDP) in 2024 from 5.8% in 2023, the highest since a reading of 8.6% in 2020, when Beijing's strict Covid curbs weighed heavily on the world's No. While it lowered its outlook, indicating a downgrade is possible over the medium term, the agency affirmed China's IDR rating at "A+." Fitch forecast China's economic growth would slow to 4.5% in 2024 from 5.2% last year, in contrast to Citi and the International Monetary Fund, which both revised up their China forecasts.

Persons: Fitch, China's Organizations: Citi, International Monetary Fund Locations: Hangzhou, China

☆ Jim Cramer's top 10 things to watch in Wednesday's inflation-driven stock market decline
▼ + stars: | 2024-04-10 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Morgan Stanley raises Nvidia price target to $1,000 per share from $795. Goldman Sachs' semiconductor readthroughs from Google's conference: Arm positive, Nvidia mild positive, Advanced Micro Devices mild negative, Intel mild negative. Barclays raises Club name Ford price target to $16 per share from $15. Other price target raises on Club names on Wall Street: Danaher , DuPont and Wynn Resorts . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Dow, Thomas Kurian, Morgan Stanley, Goldman Sachs, Jefferies, Ed Bastian, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Core CPI, Taiwan Semiconductor Manufacturing Company, Nvidia, Google, Club, Broadcom, Gaudi, Barclays, Ford, DuPont, Wynn Resorts, Jim Cramer's Charitable, CNBC Locations: Fitch, China

☆ Fitch downgrades Egypt one notch deeper into junk territory
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

The downgrade reflects increased risks to Egypt's external financing, macroeconomic stability and the trajectory of already-high government debt, the rating agency said. The ratings agency said it expects Egypt to face a significant rise in external debt maturities in fiscal years ending June 2024 and June 2025, from that which ended in June 2023. The rating agency expects receipts from tourism, the Suez Canal and a recovery of remittances to help contain financing needs from larger imports. "Israel-Hamas war poses significant downside risks to tourism, although we build in some near-term hit," Fitch said. In October, fellow ratings agencies Moody's and Standard & Poor's (S&P) both downgraded Egypt's credit ratings by a notch.

Persons: Mohamed Abd El Ghany, Fitch, Vaibhav, Shailesh Organizations: REUTERS, Monetary Fund, Reuters, Thomson Locations: Cairo, Egypt, Egypt's, Suez, Gaza, Israel, Bengaluru

☆ Stocks are heading for a down August as market kicks off September with jobs report
▼ + stars: | 2023-08-25 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

Regardless, the major averages are set to close a losing month as higher yields and Fitch downgrades weighed on equities this month. "Further cooling in the labor market and the services sector," said Brian Ellis, portfolio manager at Morgan Stanley Investment Management. The labor report will be preceded by the July personal consumption expenditures, or PCE, report on Thursday. In fact, many investors expect that the Federal Reserve is probably done hiking rates here as policymakers await the effects of higher rates on the real economy. Increasingly, investors are looking for opportunities in income as they deal with the possibility of higher rates for longer.

Persons: Jerome Powell, Jackson, Jay Hatfield, Fitch downgrades, nonfarm, Brian Ellis, Powell, Morgan, Ellis, Ben Kirby, that's, Thornburg's Kirby, Campbell Organizations: Federal, Nvidia, Nasdaq, Dow Jones, Capital Management, Dow Jones Industrial, FactSet, Morgan Stanley Investment Management, Federal Reserve, Thornburg Investment Management, Labor, Investors, Dallas Fed, Hewlett Packard Enterprise, HP, ADP, Costco, PCE, PCE Deflator, Chicago PMI, Dollar, Broadcom, Jobs, PMI, Manufacturing Locations: , Wyoming, U.S, cautiousness, Smucker, Chicago

☆ Geopolitical risks are a top global threat to businesses, survey finds
▼ + stars: | 2023-08-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

Around 36% of businesses polled view geopolitical tensions as top risks currently — such as those related to issues over Taiwan, South Korea, and Russia-NATO. The latest third quarter 2023 Global Risk Survey covered 127 businesses from July 6-27 this year. Risks aheadGeopolitical risks continue to factor prominently for businesses as a major concern for the next five years. "As reported last quarter, more than three-fifths of respondents view geopolitical risks as a very significant risk to the global economy over the medium term," said Thompson. "An intensification of geopolitical tensions could potentially trigger significant deglobalization of trade and the financial system," he added.

Persons: Fred DUFOUR, FRED DUFOUR, Fred Dufour, Jamie Thompson, Fitch, Biden, Vladimir Putin, Thompson, Kevin O'Leary Organizations: Getty, Afp, Oxford Economics, Fitch downgrades, UBS, NATO, U.S, Reuters, Atlantic Treaty Organization, . Federal, Silicon Valley Bank, Signature Bank Locations: Beijing, Taiwan, South Korea, Russia, Washington, U.S, China, it's, Ukraine, Republic, Silicon

☆ Fitch downgrades Fannie Mae, Freddie Mac after US rating cut
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A man walks through a plaza at the new Fannie Mae headquarters in Washington, U.S., October 4, 2022. REUTERS/Kevin LamarqueAug 2 (Reuters) - Ratings agency Fitch on Wednesday downgraded U.S. mortgage finance giants Fannie Mae and Freddie Mac Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings to 'AA+' from 'AAA' after the U.S. rating downgrade on Tuesday. The agency said the cut was a result of Tuesday's downgrade and was "not being driven by fundamental credit, capital or liquidity deterioration at firms". "The downgrade to the ratings of Fannie and Freddie was a certainty after Fitch's downgrade of the US rating since the two ratings are linked," said Gennadiy Goldberg, Head of US Rates Strategy at TD Securities. The move to cut U.S ratings on Tuesday drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.

Persons: Fannie Mae, Kevin Lamarque, Fitch, Freddie Mac Long, Fannie, Freddie, Gennadiy Goldberg, Urvi, Megan Davies, Chris Reese, Sandra Maler Organizations: REUTERS, AAA, U.S, TD Securities, White, Thomson Locations: Washington , U.S, Bengaluru, New York

☆ Fitch Downgrades America
▼ + stars: | 2023-08-02 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: But where's the recession everyone predicted? Images: Getty Images Composite: Mark KellyThe decision by Fitch Ratings on Tuesday to downgrade U.S. debt has jolted Wall Street and Washington, but why is anyone surprised? The downgrade to AA+ from AAA may even be an overly optimistic assessment of the U.S. fiscal outlook, and it ought to be a warning to the political class, which will ignore it.

Persons: Mark Kelly Organizations: Fitch, AAA Locations: Washington

☆ Stocks fall, Treasuries gain after Fitch downgrades US rating
▼ + stars: | 2023-08-02 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/file photoHONG KONG, Aug 2 (Reuters) - Asian stocks traded lower while U.S. Treasury yields declined on Wednesday, after ratings agency Fitch unexpectedly downgraded the United States' top-tier sovereign credit rating. Asian stocks were also weighed by declines on Wall Street overnight. Fitch cut the United States by one notch to AA+ from AAA, citing fiscal deterioration, a decision announced after the Wall Street close on Tuesday. U.S. 10-year Treasury yields declined by about 2 basis points to 4.025% in Tokyo. The United States publishes fresh data on jobless claims and unemployment later this week.

Persons: Kim Kyung, Fitch, Hong Kong's, HSI, Manishi Raychaudhuri, counterintuitively, Steven Ricchiuto, Brent, Xie Yu, Sam Holmes Organizations: REUTERS, U.S, Treasury, United, Japan's Nikkei, AAA, Asia, BNP Paribas, Standard, U.S ., Mizuho Securities, West Texas, Thomson Locations: Tokyo, Japan, HONG KONG, United States, Asia, ., U.S, China

☆ Fitch downgrades U.S. credit rating: CEA Chair Jared Bernstein weighs in
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFitch downgrades U.S. credit rating: CEA Chair Jared Bernstein weighs inJared Bernstein, chairman of President Biden’s Council of Economic Advisers, joins ‘Squawk on the Street’ to react to Fitch downgrading U.S. credit ratings and more.

Persons: Fitch, Jared Bernstein, Squawk Organizations: Biden’s, Economic Advisers, Fitch

☆ Asian markets tumble as Fitch downgrades US debt rating
▼ + stars: | 2023-08-02 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Asian markets may “tread cautiously” as investors turn wary of foreign holders selling their US Treasuries, said Stephen Innes, managing partner of SPI Asset Management. Just hours before, Fitch Ratings had cut the credit rating of US debt from the top AAA level to AA+. Together they own $2 trillion, which is more than a quarter of the $7.6 trillion in US Treasury securities held by foreign countries. Nonetheless, Goldman Sachs analysts said on Wednesday that they don’t believe there are any meaningful holders of Treasury securities who will be forced to sell due to a downgrade. “Because Treasury securities are such an important asset class, most investment mandates and regulatory regimes refer to them specifically, rather than AAA-rated government debt,” the Goldman Sachs analysts said.

Persons: Fitch, “, Australia’s, Stephen Innes, Goldman Sachs, ” Organizations: Hong Kong CNN, Nikkei, . Tech, China’s, Fitch, AAA, AA, Treasury Locations: Hong Kong, China’s Shanghai, United States, China, Japan

☆ Fitch downgrades mortgage giants Fannie and Freddie from AAA to AA+
▼ + stars: | 2023-08-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

CNN —The credit ratings of US mortgage giants Freddie Mac and Fannie Mae were downgraded by Fitch Ratings on Wednesday, the day after Fitch cut the US sovereign rating from the top-ranked AAA to AA+. The firm downgraded the mortgage giants’ Long-Term Issuer Default Ratings (IDR) and senior unsecured debt ratings from AAA to AA+. The ratings agency said that as government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac benefit from implicit government support. But this flow of funds could be disrupted if the United States defaults on its debt, Fitch warned. It also said that should the US sovereign debt rating be raised, the GSEs’ rating would move in tandem.

Persons: Freddie Mac, Fannie Mae, Fitch, ’, Freddie, Fannie, Fannie Mae’s, Freddie Mac’s, ” Organizations: CNN, Fitch, AAA, AA, Congress, Federal Housing Finance Agency, U.S, Treasury’s Locations: United States

☆ Stick with Treasurys even after Fitch downgrades U.S., UBS says
▼ + stars: | 2023-08-02 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Government bonds are still a sound investment, according to UBS. Fitch attributed the downgrade Tuesday to an "erosion of governance," referring to political standoffs around the debt limit, as well as growing debt levels. The firm expects government debt to reach 118.4% of gross domestic product by 2025. US10Y US2Y YTD line U.S. 2 year and 10 year yields Bond yields move opposite to their prices. She noted that the added benefit of having U.S. Treasurys is they offer the potential for capital appreciation if investors become concerned about slowing growth.

Persons: Fitch, Marcelli, — CNBC's Michael Bloom Organizations: UBS, ., AAA, UBS Global Wealth Management, Treasury, Federal Locations: Americas

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011. ET, Dow e-minis were down 104 points, or 0.29%, S&P 500 e-minis were down 24 points, or 0.52%, and Nasdaq 100 e-minis were down 132.25 points, or 0.84%. Among other early movers, Starbucks (SBUX.O) eased 1.9% after the world's largest coffeehouse chain missed market expectations for quarterly comparable sales. Reporting by Johann M Cherian and Bansari Mayur Kamdar in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Fitch, Mark Haefele, Wells Fargo, Johann M Cherian, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, AAA, Standard, UBS Global Wealth Management, Fitch, AA, Dow e, Nvidia, Microsoft, Devices, U.S, Caterpillar, CVS Health Corp, DuPont de Nemours, Investors, Thomson Locations: New York City, U.S, States, Wells, Bengaluru

☆ Trump charged, Congo's gorilla hunters return and an intimate portrait of egg-freezing in Taiwan
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Read the episode transcriptDonald Trump faces federal charges over his efforts to reverse the 2020 election. Rating agency Fitch downgrades the U.S. government's top credit rating. A potential visa waiver deal between Israel and the U.S. has officials inspecting some Palestinian border crossings. Plus an intimate portrait of what it's like to get your eggs frozen in Taiwan and the first Hollywood strike talks in three months. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices.

Persons: Donald Trump, Fitch Organizations: Apple, Google, Reuters, U.S, Hollywood, Thomson, Reading Trump, Treasury Locations: Israel, Taiwan

☆ Instant View: Fitch downgrades U.S. foreign currency ratings to 'AA+' from 'AAA'
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +9 min

The downgrade follows a debt ceiling agreement in June that came after months of political brinkmanship and ultimately lifted the government's $31.4 trillion debt ceiling. Unless they think that fiscal trajectory suggests risk of a default, which I don't think they say, I don't understand the reason for this." “So I don't think the reaction, it should surprise anyone in the markets because we've been through this before. JACK ABLIN, CHIEF INVESTMENT OFFICER, CRESSET WEALTH ADVISORS IN PALM BEACH, FLORIDA"I'm surprised, but I'm not surprised." "It's really the just the troubled negotiations that take place every time we have a debt ceiling or budget negotiation.

Persons: Thomas White, Fitch, STEVEN RICCHIUTO, ” WENDY EDELBERG, I'm, JASON WARE, Fiitch, MICHAEL O’ROURKE, “, ” BERNARD BAUMOHL, Poor’s, ” MICHAEL SCHULMAN, ANGELO KOURKAFAS, EDWARD JONES, ”, MICHAEL K, FARR, That’s, ” KEITH LERNER, ” “ It’s, ERIC WINOGRAD, ALLIANCEBERNSTEIN, QUINCY KROSBY, doesn't, JACK ABLIN, it's Organizations: REUTERS, United, AAA, USA, ., OF, HAMILTON PROJECT, BROOKINGS, WASHINGTON D.C, ALBION, Fitch, AA, PRINCETON, NEW, ST LOUIS, MILLER & WASHINGTON LLC, ADVISORY, Global Finance, Markets, Thomson Locations: United States, U.S, MIZUHO, WASHINGTON, CITY , UTAH, STAMFORD , CONNECTICUT, NEW JERSEY, ATLANTA, CHARLOTTE, NORTH CAROLINA, BEACH , FLORIDA

☆ Fitch Downgrades U.S. Credit Rating
▼ + stars: | 2023-08-01 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

The long-term credit rating of the United States was downgraded on Tuesday by the Fitch Ratings agency, which said that the nation’s high and growing debt burden and penchant for brinkmanship over the debt limit had eroded confidence in its fiscal management. Fitch lowered the U.S. long-term rating to AA+ from its top mark of AAA. The downgrade came two months after the United States narrowly avoided the first debt default in its history. Lawmakers spent weeks negotiating over whether the United States should be allowed to keep borrowing money to pay its bills, a standoff that threatened to tip the United States into default. “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said in a statement.

Persons: Fitch, ” Fitch Organizations: Fitch, U.S, AAA Locations: United States

☆ Fitch downgrades U.S. long-term rating to AA+ from AAA
▼ + stars: | 2023-08-01 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Fitch Ratings downgraded the United States' long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to "expected fiscal deterioration over the next three years," an erosion of governance and a growing general debt burden. U.S. stock futures opened lower after the rating agency issued its downgrade, with Dow futures sliding about 100 points. In May, the agency placed the nation's AAA rating on negative watch, blaming the debt ceiling fight. President Joe Biden signed the debt ceiling bill on June 2, just days away from the "X-date" on June 5. This isn't the first time a rating agency has downgraded the U.S. Standard & Poor's cut the nation's credit rating to AA+ from AAA in 2011 after Washington managed to avoid a default.

Persons: Biden, Fitch, Washington butted, Joe Biden, Karine Jean, Pierre said, CNBC's Christina Wilkie Organizations: Service Police, Lafayette, Fitch, United, AAA, Dow, U.S . Standard, Washington Locations: Washington , DC, United States, Washington, States

☆ Fitch downgrades US long-term credit rating to AA+ from AAA
▼ + stars: | 2023-08-01 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

“I strongly disagree with Fitch Ratings’ decision,” said Treasury Secretary Janet Yellen in a statement on Tuesday. The last time the US debt was downgraded by another major credit rating agency, S&P, came in 2011. Until 2011, US debt had carried a perfect credit rating since Moody’s Investors Service first assigned the United States a AAA rating in 1917. The country’s new Fitch rating puts it on par with Austria and Finland but below Switzerland and Germany. S&P has maintained its AA+ rating on the US after the 2011 downgrade while Moody’s has kept its AAA rating.

Persons: CNN — Fitch, “, Fitch, ” Fitch, Biden, ”, Janet Yellen, Karine Jean, Pierre, —, Chuck Schumer, Spokespeople, Kevin McCarthy, Moody’s, Larry Summers Organizations: CNN, AAA, Biden, Fitch, AA, Republican, Republicans, Moody’s Investors Service, Dow Jones, Nasdaq, Twitter Locations: United States, Austria, Finland, Switzerland, Germany

☆ Stock futures fall after Fitch downgrades U.S. rating, earnings season continues: Live updates
▼ + stars: | 2023-08-01 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Dow Jones Industrial Average futures slid by 75 points, or 0.2%. S&P 500 and Nasdaq-100 futures dipped 0.3% and 0.4%, respectively. Of the S&P 500 companies that have reported, about 82% have posted positive surprises, according to FactSet data. Brands and Humana are set to report earnings before the open Wednesday. Economists polled by Dow Jones expect a 175,000 increase, which would be lower than the 497,000 rise in the prior month.

Persons: Fitch, Adam Parker, CNBC's, Parker, Dow Jones, —, Darla Mercado Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Fitch, AAA, SolarEdge Technologies, Dow Jones, Dow, CVS, Brands, Humana, Traders Locations: New York City . U.S

☆ Fitch downgrades US credit rating citing 'steady deterioration' of US governance amid frequent debt ceiling battles
▼ + stars: | 2023-08-01 | by ( Brent D. Griffiths | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Fitch downgraded the US's credit rating on Tuesday, citing "steady deterioration in standards of governance." The downgrade comes two months after the latest debt ceiling battle and brinkmanship. Fitch's move echoes what S&P did in 2011 when that major rating agency downgraded US credit in the wake of a different debt ceiling fight. However, Fitch's assessment comes after the lastest deal — which guarantees some debt ceiling relief through the next presidential election — was brokered. "They've repeatedly put the full faith and credit of our nation on the line, and now, they are responsible for the second downgrade in our credit rating," they wrote.

Persons: Fitch, Joe, Janet Yellen, acquiescing, Biden, —, They've Organizations: Democrats, Service, Tuesday, White, Social Security, AAA, Fitch, Republicans, GOP, Lawmakers Locations: Wall, Silicon

☆ The debt ceiling drama may feel like it’s over, but it may have only just begun
▼ + stars: | 2023-05-31 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

There could be an even more dramatic second act to the debt ceiling drama. This time around, one of the top credit rating agencies, Fitch, has already placed US debt on rating watch negative. As of Wednesday, the other two major sovereign debt credit rating agencies, S&P and Moody’s, have not placed US debt under review. If Fitch downgrades US debt, it could cause yields on Treasury notes to spike, underscoring the increased risks associated with holding US debt. However, the opposite occurred after S&P downgraded US debt in 2011 — investors shrugged it off and bought more bonds, sending yields lower.

Persons: Joe Biden, Kevin McCarthy, Biden, It’s, Fitch, McCarthy, Chip Somodevilla, Michael Reynolds, ”, George Catrambone Organizations: New, New York CNN, Senate, AAA, US Treasury, U.S . Department of Treasury, Treasury Department, DWS, Treasury Locations: New York, States, US, Washington ,, Americas

☆ Fitch downgrades and withdraws Signature Bank's ratings
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

March 13 (Reuters) - Rating agency Fitch on Monday downgraded Signature Bank's (SBNY.O) long-term corporate ratings to 'D' from 'BBB+' after state regulators closed the New York-based bank on Sunday. Signature Bank's short-term corporate ratings were also downgraded to 'D' from 'F2', Fitch said, adding that all assets and deposits have transferred to Signature Bridge Bank, a successor bank operated by the FDIC. "Fitch Ratings is subsequently withdrawing the ratings of Signature Bank as the bank is under regulatory supervision," it said in a statement on Monday. Reporting by Akriti Sharma in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Fitch downgrades Telecom Italia to 'BB-'
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Ratings agency Fitch on Tuesday downgraded Telecom Italia's credit rating to 'BB-' from 'BB,' citing insufficient debt reduction in 2022. It expects the company's free cash flow to remain negative for at least three years, adding that financing of its negative free cash flow is increasingly important given financial market volatility and high interest rates. Ratings agency S&P Global in October downgraded Telecom Italia to "B+" from "BB-," citing a weak macro environment. Moody's in July downgraded Telecom Italia by one notch to 'B1,' citing expectations its leverage will remain high and free cash flow will stay negative over the next two to three years. Italy's new government wants to bring Telecom Italia's network under state control to speed up the digitalization of the economy, Industry Minister Adolfo Urso said on Monday.

Search resuls for: "Fitch downgrades"

24 mentions found