Standard and Poor’s (S&P), a global rating agency, at the weekend affirmed its ‘B-/B’ long- and short-term foreign and local currency sovereign credit ratings for Nigeria. The leading ratings agency in a statement on Friday, also affirmed its ‘ngBBB+/ngA-2’ long- and short-term Nigeria national scale ratings, stating that “the outlook is stable.” It stated: “The […]
A new research report from Fitch Ratings has reflected the growing vulnerability of European insurers to weather-related losses, primarily attributed to reinsurers reducing coverage against medium-sized natural catastrophe risks. The trend, which commenced in 2022, is exemplified by results from the Italian non-life market, demonstrating a notable impact on profitability following reinsurance cutbacks. According a […]
Fitch Ratings, one of the leading global rating agencies, has upgraded Fidelity Bank Plc’s long-term issuer default rating (IDR) from ‘B-’ to ‘B’, reflecting the bank’s increased creditworthiness. Fitch also upgraded the bank’s National Long-Term Rating to ‘A(nga)’ from ‘BBB+(nga)’. According to the rating agency, the upgrade is a result of the Bank’s improving business […]
Analysts at Fitch Ratings have warned that insurers could face claims as high as $10 billion in a worst-case scenario due to the grounding of planes in Russia, with 30-40% likely to be passed on to reinsurers. More than 500 planes that are financed or owned by non-Russian lessors are stranded in Russia due to […]
Analysts at Fitch Ratings have warned that sustained low interest rates, increased role of alternative investment managers and accounting changes will have long-term credit implications for the global life insurance industry, especially in 2022. Specifically, the rating agency stated that pressure on financial performance of legacy in-force business from low interest rates was not expected […]
Fitch Ratings on Wednesday slashed India’s economic growth forecast to 8.4 percent for the current fiscal year ending March 31, 2022 It noted that the rebound after the second wave of COVID infections had been subdued than expected. The global ratings firm had previously forecast a GDP growth of 8.7 per cent in 2021-22 (April […]
Fitch Ratings has predicted that the net profitability gap between Bermuda and non-Bermuda incorporated companies may narrow over time given the expected passage of the OECD-driven multilateral agreement to establish a 15% global minimum tax rate. The 15% global minimum tax rate is expected to be ratified under Pillar Two of the OECD Inclusive Framework […]
Fitch Ratings, one of the world’s leading ratings agencies, has revised down its 2021 global GDP growth from 6.3% predicted in June to 6.0% by the end of the year as disruptions to supply chains amid growing demand continue to characterize the global economic space. In its press statement issued on Global Economic Outlook (GEO) […]
Fitch Ratings, a leading global research and rating firm, has projected that cyber reinsurance would help drive growth in sundry Asia Pacific (APAC) region’s economies in the 2021 year as more companies embrace re-insurance policy options to protect their investment The APAC region was reported to have accounted for 7% of the total global ransomware […]
Fitch Ratings has revised Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) Outlook to Stable from Negative and affirmed the rating at ‘B+’. The latest revision of the nation’s Long-Term IDRs Outlook indicates the ongoing economic recovery programmes and decreasing external vulnerabilities, complemented by the increased oil production and higher global oil prices are impacting positively […]