= Ultimate Parent


AMLO's Accelerated Tender May Benefit PEMEX Longer Term

Mexican President-elect Andres Manuel Lopez Obrador's (AMLO's) plan to hold tenders for drilling oil wells in December may signal a reversal of his plans for energy reform. The auctions should drive private and foreign direct investment and could be beneficial to PEMEX (BBB+/Stable) over the long term. 

New Data Highlights Turkish Banks' Liquidity Risk

Banks' FC deposits decreased by 6% (USD12 billion) in July-August 2018, with reductions of a similar magnitude in both retail and corporate FC deposits. Most of the outflow occurred during the mid-August market volatility. 

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Korean Peninsular Tension

Thomas Rookmaaker, Director of Sovereigns, comments on South Korea’s rating in light of tension with North Korea. He is speaking with Stephen Schwartz, Head of APAC Sovereigns.

GSC 2018

Pakistan’s Economic Roadmap

Jeremy Zook, Associate Director of Sovereigns, discusses the pressing challenges faced by Pakistan in the wake of its election. He is speaking at Fitch’s Global Sovereign Conference in Hong Kong.

Turkey's Economic Plan Acknowledges Adjustment Challenge

Turkey's new medium-term economic programme, branded the New Economy Program (NEP), acknowledges that the country faces a lengthy period of adjustment following this summer's sharp lira depreciation.


Fitch Warns on US Fiscal Health

Charles Seville, Fitch Ratings sovereigns senior director, join 'Squawk Box' to discuss the Fitch Ratings debt report's findings.

Global Economic Outlook

World Growth Forecast Cut on US-China Trade Battle

Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with the US-China trade battle prompting us to downgrade our 2019 global GDP forecast.

Mangkhut to Hit Earnings of Hong Kong Insurers

Hong Kong insurers' underwriting profitability will be weakened by Typhoon Mangkhut due to significant claims from extensive and severe damage to commercial and residential properties, business interruption, and motor and general liabilities.

Video Roundtable: United States and the Global Economy

Global Head of Sovereigns James McCormack, Chief Economist Brian Coulton, and Head of North America Sovereigns Charles Seville, discuss the US and the global economy as well as the sovereign rating relative to its ‘AAA’ peers.

Tesco Launches Jack's to Counter Discounters' Pressure

Tesco's launch of its Jack's brand today is likely to be a response to growing competitive pressures from hard discounters Aldi and Lidl. While we acknowledge the strategic sense of this move, it is not without risks for the company's new and existing brands. 

Fitch Group Signs UN Principles for Responsible Investment

Fitch Group today announced it has signed the United Nations-supported Principles for Responsible Investment (UN PRI), underlining its commitment to incorporating environmental, social and corporate governance (ESG) issues into investment practice and developing a more sustainable global financial system.

European CLOs See More Limits on Negative Trade Cash Balances

Fitch Ratings says some CLO investors over the past nine months have introduced restrictions on negative trade cash balance in European CLO documentation. The agency observed that some recent European CLOs are limiting the amount by which CLO managers can make unfunded commitments that would cause a negative trade date cash balance. 

US Deficit Widening Highlights Debt, Policy Risks

With the end of the fiscal year approaching, the US's federal fiscal deficit is widening as the combined effect of tax cuts and persistent spending pressures outweighs the growth boost from fiscal stimulus, Fitch Ratings says. Our analysis of the US sovereign's debt tolerance continues to reflect both the level and pace of debt accumulation and the nature of the authorities' policy response. 

Korean Insurers to Slow Overseas Investments

South Korean insurers are likely to slow their investments in overseas securities in the near term as the cost of hedging against the US dollar has reduced the attractiveness of their returns.