By Dawn Lim and Erin Fuchs Steve Schwarzman said Fitch Ratings’ downgrade of the US long-term credit rating was appropriate after multiple debt-limit standoffs. “The numbers justify it, regrettably,” the Blackstone Inc. chief executive officer said on CNBC Friday. “We’ve had an explosion of debt since the global financial crisis. We… Continue reading Numbers justify Fitch downgrade, says Blackstone CEO Steve Schwarzman
Tag: downgrade
Fitch’s US downgrade is advantage gold, retail investors can book profits too
GlobGlobal credit rating agency Fitch earlier this week downgraded US Sovereign rating from AAA to AA+, citing expected fiscal deterioration over next three years, a high and growing general government debt burden and steady deterioration in governance over the last 20 years. This decision marked the first time in history that the US… Continue reading Fitch’s US downgrade is advantage gold, retail investors can book profits too
Optimal disclosure, risks beyond downgrade & more
Best of BS Opinion: Unintended consequences, green growth conundrum, & more Best of BS Opinion: Tapping global trade, confirming compliance, and more Best of BS Opinion: Protecting investors, the green wall, and more Best of BS Opinion: Growth instruments, old white males, and more Best of BS Opinion: Indo-Pacific naval strategy, long route for oil,… Continue reading Optimal disclosure, risks beyond downgrade & more
Wells Fargo to tap corporate bond market despite US credit downgrade
By Allison Nicole Smith A handful of borrowers, including Wells Fargo & Co., are looking to raise fresh debt in the US investment-grade bond market, signaling that issuers are undaunted after Fitch Ratings stripped the nation of its top-tier rating on Tuesday. The operating arm of the bank — Wells… Continue reading Wells Fargo to tap corporate bond market despite US credit downgrade
Risks beyond downgrade
Fitch Ratings’ decision to downgrade the US debt didn’t have much effect on financial markets on Tuesday, although they fell on Wednesday. The rating action drew sharp reactions because practically no one in the financial markets doubts the US government’s debt servicing capabilities. US Treasury Secretary Janet Yellen, for instance, called it “arbitrary and… Continue reading Risks beyond downgrade
US rating downgrade by Fitch spooks markets; Sensex, Nifty slump 1.5%
India’s benchmark indices slumped as much as 1.5 per cent on Wednesday amid a global selloff triggered by Fitch Ratings’ downgrade of US government debt. The Sensex plunged 1,027 points, or 1.5 per cent, in intra-day trade before recouping some of the losses to end the session at 65,783, down 676 points, or… Continue reading US rating downgrade by Fitch spooks markets; Sensex, Nifty slump 1.5%
Rupee slips to near one month low after US downgrade, oil firms demand
The rupee depreciated 33 paise on Wednesday and settled at a nearly one-month low of Rs. 82.59 per US dollar due to demand for safe-haven currencies after the US’ credit rating was downgraded by Fitch from ‘AAA’ to ‘AA+’, citing an “expected fiscal deterioration over the next three years”. This led to risk… Continue reading Rupee slips to near one month low after US downgrade, oil firms demand