Fitch Financial News

London | When Assistant Treasurer Stephen Jones sat down with reinsurance execs in their HQs in London and Munich, he was surprised to find them bringing up an inland Queensland town with a population of just 7000 people.

₹7,508 per bbl, having swung between ₹7,352 and ₹7,520 per bbl during the session so far, against a previous close of ₹7,469 per barrel. -The US dollar hit a 10-month high today, as higher bond yields attracted investors towards the greenback. As the major currency used for oil pricing, a stronger dollar typically weighs on oil demand as it becomes more expensive for importers relative to their local currency.

By Robert Harvey

Tata Steel: Moody's Investors Service upgraded Tata Steel's long-term issuer rating to Baa3, the lowest investment grade rating, citing the company's solid market position and expectation of an increase in profitability. The global rating agency also changed the outlook to "stable" from "positive". Moody's said the stable rating outlook reflects Tata Steel's strengthening credit metrics.

By Davide Barbuscia

Increased steel production in China is pushing iron ore prices higher but resulting in lower margins for Australian steel makers including BlueScope.

By Matt Tracy

Pressure has remained on fees as competition increases, regulation tightens and value for money assessment require firms to demonstrate their prices are fair.

UK government's 500 million pound financial package to Tata Steel UK is expected to narrow the steel maker's losses on the back of lowered production and environmental compliance costs, according to CreditSights. Tata Steel's credit profile could remain resilient even amid lacklustre steel price dynamics, aided by strong captive iron ore resources, expectations of moderating coking coal input costs, and positive signs of a gradual turnaround of its loss-making European business, the Fitch Group company said in a statement on Wednesday. The UK government has announced it will pay up to 500 million pounds to facilitate the green transition of steel maker's Port Talbot plant in South Wales, UK.

Reuters. The price hike will be effective from October 1. The increased prices will be applicable across its range of commercial vehicles, the Indian automaker said.

Greece’s economy has received a substantial vote of confidence from Moody’s ratings agency, which has upgraded the Greek credit rating by two notches

Supply problems and insurance complications have made it difficult for many patients to start and stay on new prescription medications used to treat obesity

Short term treasury yields have risen to levels too high for wealth managers to ignore. Maybe that’s why they are ignoring municipal bonds instead.

By David Morgan

DBRS Morningstar ratings agency has upgraded Greece’s credit rating to investment grade

By David Randall

A candidate for Mississippi attorney general says that elected officials must play a more aggressive role in protecting labor rights

A candidate for Mississippi attorney general says that elected officials must play a more aggressive role in protecting labor rights

Reliance Industries: Viacom18 Media Pvt. Ltd, a unit of Reliance Industries Ltd (RIL), secured the media rights for all bilateral cricket matches to be played in India during the next five years for ₹5,963 crore through the e-auction conducted by the Board of Control for Cricket in India (BCCI) on Thursday. The RIL-run broadcaster outbid Sony Pictures Networks India across digital and television, while the third bidder, Disney Star, placed just a couple of bids, according to two people familiar with the development.

A candidate for Mississippi attorney general says that elected officials must play a more aggressive role in protecting labor rights

Fitch Ratings has affirmed Oil and Natural Gas Corporation's (ONGC) rating at 'BBB-' with stable outlook. "ONGC's ratings are constrained by the ratings of the state of India (BBB-/Stable), its majority owner," Fitch said. «We maintain ONGC's Standalone Credit Profile (SCP) at 'bbb+', which reflects ONGC's scale as the largest oil and gas (O&G) producer in India, its significant reserves and production, and its vertically integrated and geographically diversified business model.» The SCP also considers Fitch's expectations that ONGC's credit metrics will improve over the financial years ending March 2024 (FY24) to FY27. ONGC's credit strength, however, is counterbalanced by its long track record of declining domestic oil and gas production, which we expect to reverse over the next few years, though there is less certainty on its ability to sustain organic production growth through the cycle in the longer term.