Fitch Ratings has affirmed IIFL Finance Ltd s Long-Term Issuer Default Rating (IDR) at B+ , easing downside risk to the company s credit profile due to less adverse economic and funding conditions. The ratings agency also removed the rating from Rating Watch Negative (RWN). The outlook is stable. The ratings were placed on RWN in March 2020 and maintained on RWN at the last review in September 2020. India s economic recovery remains uneven, with lingering uncertainty around the path of the coronavirus pandemic. We expect reported asset quality metrics to deteriorate further as regulatory loan forbearance and economic support measures taper off. This includes a Supreme Court ruling delaying the recognition of new non-performing assets (NPA). Nonetheless, Fitch sees sufficient headroom at the current rating to absorb further downside risk, the ratings agency said.
A resilient and flexible business model resulted in a solid performance in a year hit by the COVID-19 pandemic
The year 2020 was highly characterised by the impact of the COVID-19 pandemic which also affected Ferratum’s business activities. In a year unlike any other during the past century, Ferratum’s business model showed its resilience and flexibility: Ferratum managed to protect its business model as well as to successfully reduce its cost base and navigate through the year with a substantial reduction in both operating expenses and risk appetite. These reductions helped contribute to a solid business performance in the business year 2020.
DGAP-News: Ferratum Oyj: Ferratum Group publishes preliminary unaudited full-year results for 2020 finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
Some Ulster Bank Ireland ratings downgraded by Fitch
Updated / Thursday, 11 Mar 2021
18:21
Ulster Bank said last month that it was beginning a phased withdrawal from the Republic of Ireland
Ratings agency Fitch has downgraded Ulster Bank Ireland s (UBI) Long-Term Issuer Default Rating and Support Rating.
It said the cuts follow the announcement last month by the bank s parent NatWest Group (NWG) that it intends to withdraw from the Republic of Ireland. This reflects its conclusion that UBI is not in a position to sustainably achieve acceptable returns over the group s planning horizon, the agency said. The downgrade reflects UBI s diminished role in the broader group and our opinion that it is no longer a strategically important subsidiary.
DGAP-News: Ferratum Oyj: Fitch Affirms Ferratum at B+ ; Outlook Negative
Ferratum Oyj: Fitch Affirms Ferratum at B+ ; Outlook Negative
04.03.2021 / 21:30
Fitch Affirms Ferratum at B+ ; Outlook Negative
Helsinki, 4 March 2021 - Ferratum Oyj (ISIN: FI4000106299, WKN: A1W9NS) ( Ferratum or the Group ) announces that Fitch Ratings has afirmed Ferratum Oyj s Long-Term Issuer Default Rating (IDR) at B+ with a Negative Outlook and the long-term rating of the senior unsecured notes issued by Ferratum Capital Germany GmbH at B+ /RR4.
About Ferratum Group:
Ferratum Group is an international provider of mobile banking and digital consumer and small business loans, distributed and managed by mobile devices. Founded in 2005 and headquartered in Helsinki, Finland, Ferratum has expanded rapidly to operate in 20 countries across Europe, Africa, South and North America, Australia and Asia.