The Latest Breaking News from Fitch

US credit rating agency Fitch has upgraded eight Saudi banks’ long-term issuer default ratings to “A-” from “BBB+,” with a stable outlook, according to a press statement. In this regard, experts told Asharq Al-Awsat that the current account surplus of the Saudi economy over the last period, which exceeded $1…

Fitch ratings has upgraded Saudi Arabia’s Long-term foreign-currency issuer default rating (Idr) to ‘A+’ from ‘A’, with stable outlook. This reflects Saudi Arabia's strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the 'A' and 'AA' medians, and significant fiscal…

The Thai economy is set to expand by only 3% this year, well below the Bank of Thailand's forecast of 3.6%, due to rising risks of a deeper slowdown in the global economy stemming from increasing uncertainty and banking stresses in the US and Europe, said Fitch Solutions.

Thailand's economy is estimated to expand by 3.6% this year, up from 2.6% last year, supported by stronger private consumption, a recovery in the tourism sector and pent-up demand following China's reopening, according to the World Bank.

Asia-Pacific banks are resilient to risks related to the failures of their US peers, says Fitch Ratings, noting that regional banks have limited direct exposure to Silicon Valley Bank (SVB) and Signature Bank.

The lenders including J.P.Morgan and Wells Fargo would deposit $30 billion into the beleaguered midsized lender as part of the rescue.

Bank stocks fall Friday. Biden calls for tougher penalties for bank execs; SVB files for bankruptcy; First Republic suspends dividend after $30 billion rescue deposit

Rating agency Fitch on Monday downgraded Signature Bank's long-term corporate ratings to 'D' from 'BBB+' after state regulators closed the New York-based bank on Sunday.

Fitch Ratings said insurable economic losses following the quakes (in Türkiye) could exceed $4 billion. "Economic losses are hard to estimate as the situation is evolving, but they appear likely to exceed" $2 billion and could reach $4 billion "or more," Fitch Ratings said. Insured losses will be much lower,…

Fitch Ratings lauded the agreement between the Egyptian government and the International Monetary Fund (IMF) in which Egypt secures a $3 billion loan over 46 months. Fitch Ratings added also said that Egyptian banks’ regulatory capital ratios can withstand further Egyptian pound depreciation as they are supported by healthy internal…

We continue our 12 questions about Three Waters. If the assets remain on council balance sheets, communities will pay the price – quite literally.