Abercrombie & Fitch Co. on Wednesday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks on its efforts to fill shelves with in-demand goods, sending its shares up as much as 29 percent. The apparel retailer has worked to increase its stock across all its labels and lure…
Fitch Withdraws Russia’s Ratings to Comply With EU Sanctions
Fitch said on Friday it has withdrawn Russia’s ratings to comply with European Union sanctions, after the rating agency downgraded the country’s rating to “junk” territory earlier this month. Aggressive sanctions against Russia over its invasion of Ukraine have targeted several banks and businesses, crippling the country’s economy and prompting the Russian rouble’s free fall….
Fitch Warns of ‘Imminent’ Russian Debt Default, Kremlin Accuses US of Waging ‘Economic War’
Fitch Ratings has once again slashed its credit rating on Russia while warning that Moscow was likely to default on its sovereign debt payments in short order, while the Kremlin accused the United States of waging an “economic war” against Russia. Less than a week after Fitch downgraded its rating on Russia to junk status…
Fitch, Moody’s Cut Russia’s Sovereign Rating to ‘Junk,’ Rouble Dives to Record Low
March 3, 2022
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Rating agencies Fitch and Moody’s have downgraded Russia’s sovereign rating to junk status as a consequence of tough Western sanctions over the Kremlin-ordered invasion of Ukraine, sending the rouble plunging to a record low. Fitch downgraded Russia to “B” from “BBB” and put the country’s ratings on “rating watch negative.” Moody’s cut Russia’s rating by…
Governments to See Biggest Inflation-Driven Drop in Debt Ratios in Over 20 Years: Fitch
LONDON—Governments will benefit from the biggest inflation-driven drop in debt ratios in over 20 years, credit rating firm Fitch said on Wednesday, estimating it will slice around 5 percentage points off U.S. debt-to-GDP and 2 percentage points globally. The effects on government debt ratios from 2022 inflation vary by region, with the smallest impact being…
VNET Shares Pop as Fitch Sees Robust Data Center Demand From Alibaba
Fitch Ratings has affirmed China-based carrier-neutral data center operator VNET Group Inc’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B+.’ The Outlook is Negative, reflecting Fitch’s expectation that VNET’s 2021–2022 funds flow from operations (FFO) leverage will worsen to above 6.0x (2020: 4.2x), the threshold above which we lead to negative rating action….
Fitch Lowers Evergrande Rating on Likely Missed Interest Payment
September 29, 2021
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Rating agency Fitch has downgraded cash-strapped Chinese property giant Evergrande from CC, or a very high level of credit risk, to C, or near default. Fitch said in a Sept. 28 rating action announcement it had downgraded both Evergrande and its subsidiaries Hengda and Tianji, due to a likely missed bond coupon payment. “The downgrades reflect…
Fitch Cuts China 2021 GDP Forecast to +8.1 Percent Vs +8.4 Percent on Property Slowdown
September 23, 2021
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BEIJING—Fitch Ratings said on Sept. 16 that it had cut its 2021 economic growth forecast for China to 8.1 percent from 8.4 percent, citing the impact of the slowdown in the country’s property sector on domestic demand.
Taiwan Raps Fitch for Calling It Part of China in Ratings Upgrade
September 11, 2021
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Taipei—Taiwan’s government scolded Fitch Ratings on Friday for calling the island part of China for the first time, in an announcement on upgrading Taiwan’s economic outlook, and said it was talking to the company about the issue. The Chinese Communist Party (CCP), which claims democratically ruled Taiwan as its own territory, has pressured foreign companies…
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