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Jordan's 'BB-' Rating; Outlook Stable

Jordan's ratings are supported by a track record of fiscal and economic reforms and resilient availability of domestic and external financing linked to the liquid banking sector, growing public pension fund and funding from Jordan's external partners.

Audits Could Hurt Chinese Drug Makers' Revenue, Improve Governance

The stricter oversight, which aims to cut illegitimate selling and distribution expenses in the value chain, lower drug retail prices and encourage a shift towards innovation away from hospital-relationship management, should also improve drug makers' governance standards.

Escalation in Iran-US Tension Would Be a Risk to GCC Sovereigns

Elevated tensions between the US and Iran have raised the prospect of disruptions to oil and gas shipments in the Gulf. A conflict could have a significant negative impact on budgets in the region, although large buffers would cushion the impact for the richer sovereigns. An escalation could also affect ratings if it caused us to reassess geopolitical risks for the sovereigns. 

rating action

Fitch Affirms Raytheon at 'A-' on UTC Merger Announcement; Outlook Stable

The pro forma company, Raytheon Technologies, intends to carry a net debt balance of $26 billion and expects to return between $18 billion and $20 billion to shareholders over the three years following the merger. The companies target completing the merger in first-half 2020, although it is contingent on shareholder and regulatory approvals.

3D Printing May Disrupt Ports and Reduce US Imports from China

Ports may be most exposed to disruptive effects of 3D printing (3DP) on transportation infrastructure assets over the next 20 years. 3DP could reduce global trade, including reducing US imports from China by 10%-25%. Short- and medium-term risks are limited due to a still emerging technology uptake.

Space for Debt-Led Growth in Sub-Saharan Africa now Limited

Sub-Saharan Africa government debt/GDP is rising steeply, with the median of 19 Fitch-rated sovereigns doubling to 56% at end-2018 from 27% in 2012. There is now limited scope to accumulate non-concessional public debt at such a rapid pace without an increasing risk of debt distress, and countries' growth models are under increasing scrutiny

Japan's Life Insurers Look to Foreign Bonds due to Low Domestic Yields

Fitch expects Japanese life insurers to continue to increase their allocation to foreign fixed-income assets, including those denominated in US dollars as well as other foreign currencies, to boost yields.

Italy Fiscal Uncertainty Persists; Mini-BOTs Would Be Negative

Italy's renewed dispute with the European Commission over its deficit highlights persistent uncertainty over the scale, timing and nature of Italian fiscal adjustment. Broad use of so-called 'mini-BOTs' for payment purposes would have negative rating implications.

rating action

Fitch Affirms Hong Kong at 'AA+'; Outlook Stable

Hong Kong's ratings are underpinned by its exceptionally strong public and external finances, high income levels, and a resilient and flexible economy. The ratings are principally constrained by the territory's deeper integration with lower-rated mainland China (A+/Stable).

award

Fitch Ratings Wins The Asset Triple A Islamic Finance Best Rating Agency Award 2019

For the third year in a row, The Asset Triple A Islamic Finance Awards has awarded Fitch Ratings the Best Rating Agency Award 2019.

Bloomberg

Fitch Says Deutsche Bank Continues to Face Challenges

Christian Scarafia, co-head of western European banks at Fitch Ratings, talks about downgrade of Deutsche Bank AG’s credit rating. The bank’s long-term issuer default rating was cut to BBB from BBB+, Fitch said Friday. Scarafia speaks on "Bloomberg Markets: European Open."

Malaysia Household Debt Risks Easing, But Pockets of Risk Linger

The household sector accounts for roughly 58% of bank gross loans, about 37% of which is to lower-income borrowers (those earning up to MYR5,000 a month). Such borrowers often have limited asset buffers to mitigate the risk of default, and while banks' exposures to them tend to be secured, loan-to-value ratios can be high, weakening recovery prospects. About 28% of banks' overall home loans have LTV ratios over 80%. 

New US, China Trade Restrictions Could Be Broadly Disruptive

A possible blacklisting of US companies or a ban on rare earth metals exports to the US as retaliation for restrictions on Huawei would be disruptive for the US technology sector and could also negatively affect some Chinese sectors due to globally-integrated supply chains and China's reliance on foreign technologies and exports.

CNBC

Risks Rising: Dollar Could Lose Special Global Standing

Guest column: James McCormack, Global Head of Sovereigns and Supranationals at Fitch Ratings, writes for CNBC, “The US dollar may be at risk of surrendering its lead, if not its role, as the world’s preeminent reserve currency. Some of these factors relate to U.S. policy decisions, others to policy decisions and developments elsewhere, but all point in the same direction.

Bloomberg

Why Did Fitch Downgrade Mexico to 'BBB'?

Charles Seville, talks about Mexico's debt rating, the economy and Petroleos Mexicanos, the world’s most indebted oil major known as Pemex. He speaks on "Bloomberg Daybreak: Asia."

Dewan Demise Highlights Funding Risk at Indian Non-Bank Lenders

Dewan Housing Corporation's liquidity problems and its reported failure this week to pay coupons highlight the funding challenges faced by India's non-bank finance sector. The liquidity pressures are in stark contrast to the banking sector, which has not faced significant liquidity pressure or deposit withdrawals, despite asset-quality and capital weaknesses.
 

US Tariffs Could Directly Affect 1 in 5 Mexican Corporates

The imposition of broad-based tariffs on US imports of Mexican goods could have a direct negative revenue effect on 20% of Fitch Ratings' Mexican-rated corporates. However, depending on the duration and level of tariffs levied, there would also likely be indirect effects on Mexican companies linked to the broader macroeconomic repercussions of heightened trade tensions.

Fixed Interest Podcast

Fitch Downgrades Mexico to 'BBB'; Outlook Revised to Stable

The downgrade of Mexico's IDRs reflects a combination of the increased risk to the sovereign's public finances from Pemex's deteriorating credit profile together with ongoing weakness in the macroeconomic outlook, which is exacerbated by external threats from trade tensions, some domestic policy uncertainty and ongoing fiscal constraints. 

RelatedFitch Downgrades PEMEX to 'BB+' Following Sovereign Downgrade

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