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The Latest Breaking News from Fitch

Illinois notches 5th credit boost in a year

The upgrade is the first the state has seen from Fitch since June 2000 — and it comes as Gov. J.B. Pritzker, who is running for reelection, hopes to prove to voters that the state is in better fiscal shape under his leadership.

Chicago Sun-Times

Fitch Cuts China's 2022 GDP Forecast on COVID Hit

Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year. The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second…

Asharq Al-Awsat

Fitch Upgrades Saudi’s PIF Outlook to ‘Positive’

Ratings agency Fitch on Friday revised the outlook on Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), to "positive" from "stable" following a similar action on the country. It also affirmed the PIF's rating at "A". Fitch had cited improvements in Saudi Arabia's balance sheet due to higher…

Asharq Al-Awsat

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Michael Hiltzik: In Florida, DeSantis punishes Disney — by giving it a big tax cut

Up in their corporate suite, executives of the Walt Disney Co. must be laughing themselves silly.

Los Angeles Times

'I worked at Abercrombie and Fitch - a boss told me I didn’t photograph well’

Kaitlyn Fisher worked for the American chain for three years while at college in America and had a strict set of rules she should follow. One boss told her didn’t ‘photograph well’

Daily Mirror

DeSantis signs bill eliminating Walt Disney World’s Reedy Creek district; Fitch warns of bond downgrade

Florida Gov. Ron DeSantis signed into law two bills targeting The Walt Disney Co. on Friday, eliminating the company’s special Reedy Creek district and stripping its exemption from the “Big Tech” social media bill.

Orlando Sentinel

Explained | India’s coal shortage and its effect on power supply

Seventy per cent of India’s power demand is met by coal-fired power plants.

The Hindu

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Australia PM Morrison seeks to sell voters on Budget breaks

Trailing in the polls, Australia's Liberal National government on Wednesday sought to sell A$8.6 billion ($6.46 billion) of budget giveaways as necessary to meet a cost of living emergency and not a transparent attempt to buy votes.

Reuters

EU to Lend Tunisia 450 Mln Euros for Budget Support, Commissioner Says

The European Union said on Tuesday it will lend Tunisia 450 million euros ($500 million) to support its budget as the North African country faces a looming crisis in public finances for which it is seeking an international rescue package. Speaking after a meeting with Tunisian government officials in Tunis,…

Asharq Al-Awsat

Russian bond default ‘imminent’, as inflation jumps; markets surge as oil falls back – as it happened

UK announces new aviation sanctions against Russia and investigates plane at Farnborough

The Guardian - UK

Russian economy inches closer to collapse

Ratings firm Fitch has downgraded Russia's sovereign rating by six notches further into the junk territory to C from B, warning a default is imminent.

The New Daily

Ukraine latest updates: Zelenskyy calls for more support

Ukraine news from March 8: Ukraine’s president pushed for more support in address to the British parliament.

Al Jazeera

Live updates: Fitch downgrades Russia's credit rating

Fitch Ratings has downgraded Russia’s credit rating, citing a “severe shock” to fundamental conditions due to its invasion of Ukraine

The Independent UK

S&P Cuts Russia's Rating to Junk, Moody's Issues Junk Warning

Russia's invasion of Ukraine triggered a flurry of credit rating moves on Friday, with S&P lowering Russia's rating to 'junk' status, Moody's putting it on review for a downgrade to junk, and S&P and Fitch swiftly cutting Ukraine on default worries. Both countries' financial markets have unsurprisingly been thrown into…

Asharq Al-Awsat

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Asharq Al-Awsat

Fitch Downgrades Ukraine Debt over Crisis, Moody's Issues Warning

Fitch on Friday cut the rating on Ukraine's government debt to "CCC" from "B" following the Russian invasion of the country, which it said creates a "severe negative shock." "The military invasion by Russia has resulted in heightened risks to Ukraine's external and public finances, macro-financial stability and political stability,"…

Al Jazeera

Latest Ukraine updates: Macron says resolution may take months

Ukraine news from February 8: After talks with Putin and Zelenskyy, French president offers his analysis of the crisis.

Asharq Al-Awsat

Abu Dhabi’s ADNOC Forms Unit to Issue Debt, Explore Funding

Abu Dhabi National Oil Co (ADNOC) has set up a subsidiary, ADNOC Murban, to issue primary debt and explore new funding opportunities. ADNOC Murban will become the primary debt capital markets issuing and rating entity for the ADNOC Group, the Abu Dhabi state oil giant said in a statement. Named…

Benzinga

EVs To Drive Growth In China Auto Market This Year, Says Rating Agency Fitch

Rating agency Fitch said on Tuesday it expects electric vehicles to remain a key growth driver in China’s car market. What Happened: Fitch Ratings said EV volumes in China could reach 20% of the total share this year, up from 15.5% in 2021.

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Caixin Global

Fitch Cuts Ratings on Sunac China for Decreasing Financial Flexibility

Real estate developer has billions of dollars of debt coming due this year with diminishing sources of cash to make payments, ratings company says

The Guardian - UK

Unilever ‘could lose credit rating’ with purchase of GSK consumer arm

Deal could swell Unilever’s debt pile, says ratings agency Fitch

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