= Ultimate Parent

Rating Action

Fitch Publishes Abu Dhabi National Oil Company's 'AA' First-Time IDR

ADNOC is the national oil company of the Emirate of Abu Dhabi and is one of the largest oil producers globally. On a standalone basis ADNOC's rating corresponds to 'AA+' and reflects the company's high upstream output coupled with low production costs, significant reserves, downstream integration and a conservative financial profile. The Outlook is stable. 

Flybmi Demise Exemplifies Airlines' Competition, Brexit Woes

The tougher operating environment in 2019 is likely to exacerbate liquidity woes of those European airlines that are highly leveraged, prompting defaults or M&A. Recent airlines' bankruptcies, including Flybmi this weekend, and sale attempts support our view that fierce competition, Brexit uncertainty, and oil price and currency volatility will continue to threaten financially weaker airlines and drive further consolidation. 

why forum

Why the Corporate Sukuk Market Could be Ripe for Blossoming

Sukuk issuance by corporates in 2018 in key Islamic finance markets, such as the Gulf Cooperation Council (GCC) region, Indonesia, Turkey and Pakistan, has been small relative to its potential.

Raiting Action

NAB's Outlook Revised to Negative, Australia's Four Major Banks Affirmed

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and NAB's self-assessment on governance, accountability and culture identified shortcomings within its management of operational and compliance risks, culture and governance. 

Webinar: China Shadow Banking 2019 Outlook

Join us on 20 February (Wed) to discuss how regulatory developments will impact the 2019 outlook for China’s shadow banking activities, and how banks will cope with growth priorities and capital preservation against more challenging economic conditions.


Date: Wednesday, February 20, 2019
Time: 04:30 PM Hong Kong Time
Duration: 1 hour
Language: English
Click here to attend the webinar in English


Date: Wednesday, February 20, 2019
Time: 10:30 AM Hong Kong Time
Duration: 1 hour
Language: Chinese
Click here to attend the webinar in Chinese


Related Press Release:
China's Shadow Banking Sector to Shrink Further in 2019



Fitch Ratings: An Overview on PEMEX

Available On-Demand

Fitch Ratings hosted a webcast with Lucas Aristizabal, the primary analyst on PEMEX, and Charles Seville, Co-Head of the Americas Sovereign Ratings. Topics of discussion include an overview on PEMEX in light of its recent downgrade and other key rating drivers.

Access On Demand

Eurozone 2019 Growth Forecast Cut to 1%; ECB Could Restart QE

Eurozone (EZ) GDP growth now looks likely to slow to just 1% this year according to a report published today by Fitch Ratings' Economics team. The deterioration in growth prospects and declining inflation expectations will prompt the ECB to consider restarting asset purchases. 

Airbus's Ending of A380 Highlights Aerospace Industry Risks

Airbus's decision to stop production of the world's largest passenger plane in 2021 underscores the key risk of investments in large development programmes inherent in the aerospace sector


Fitch Ratings: An Overview on Vale

NOW Available On-Demand

Fitch Ratings hosted a webcast with Phillip Wrenn, the primary analyst on Vale, and Joe Bormann, Deputy Regional Group Head, in Fitch Ratings’ Latin American corporates group. Topics of discussion include the factors affecting the credit rating of Vale after its recent downgrade along with other key rating drivers. Questions from the audience were also addressed. 

Catch up with our LATAM Spotlight on how Vale's Investment Rating Remains Intact Under Several Scenarios

UK Pension Superfunds Impact on Insurers Hinges on Capital Rules

If superfunds are allowed to operate with much less capital than insurers have to hold for BPAs under Solvency II, they will be a considerable threat as the lower capital costs will enable them to offer a significantly more attractive price to employers looking to offload their defined-benefit pension liabilities.

HK Bank Headwinds Unlikely to Prompt Macro-Prudential Easing

Hong Kong banks are likely to face headwinds from slower economic growth, strong competition and softer property markets in 2019, and we have the sector on negative outlook.


McCormack: Hard Brexit Could Push UK Into Recession

James McCormack, Global Head of Sovereign Ratings at Fitch Ratings, talks about the Brexit negotiations and the implications for the UK economy. He speaks with Manus Cranny on Bloomberg Daybreak: Middle East.

European Majors Set To Weather Oil Price Volatility

We believe lower oil prices will exert little pressure on the companies' ratings unless they fall and remain below USD50/bbl. The main credit pressures for oil majors in the coming years include cost inflation and demands for shareholders returns. 

It Ain't Over Till Its Over - European Money Market Fund Reform Continues

Fund managers implementing money market fund (MMF) reforms are having to deal with last-minute changes requested by regulators. The reforms were meant to be concluded by January this year, but have now been pushed back to March. 

Credit Hotspot: EU MMF Reform

Latest: Webinar: MMF Reform – Countdown to 2019

Fitch Named Best Rating Agency in APAC in Record 5 Categories

Fitch has won the Credit Rating Agency of the Year (2018) awards for the corporate, investment-grade, public-finance, project-finance and sovereign categories. It is the agency's first award for the investment-grade category, and the fourth consecutive win for public finance.

Russian Tax Reform Won't Hamper Oil & Gas Profit Generation

We expect Russian O&G companies to report impressive rouble EBITDA growth of around 50% yoy on average in 2018, fuelled by a rise in oil prices and rouble depreciation. Average oil prices reached an all-time high in rouble terms in 2018, and we expect them to change little in 2019.

Why Forum

Why “Perverse Incentives” Are Hurting the Solar Market

Infrastructure analyst Cherian George looks at changes in the solar panel market. Growth in residential solar panel installations has sputtered in recent years and an eerie parallel from a decade ago — namely elements of the mortgage crisis — may be part of the reason.

Fitch Updates Terms of Use & Privacy Policy

We have updated our Terms of Use and Privacy Policies which cover all of Fitch Group's websites. Learn more.