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UAE subsidy axe good news for EU exporters
Jul27

UAE subsidy axe good news for EU exporters

The United Arab Emirates, which has vast investments throughout Europe and funds lucrative orders for European businesses, stands to benefit from axing billions of dollars of fuel subsidies as it fights to control a fiscal deficit amid falling energy prices. Moody’s rating agency said (27 July 2015) fuel price deregulation measures that will be introduced in the UAE from 1 August are “credit positive for the UAE and Abu Dhabi...

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Fitch sees HSBC rating under likely pressure
Feb13

Fitch sees HSBC rating under likely pressure

An international scrutiny of HSBC’s alleged role in tax avoidance or tax evasion poses risks including potential pressure on the bank’s ‘AA-‘/Stable ratings, Fitch Ratings said 12 February 2015. Fitch Ratings-Hong Kong/London-12 February 2015: Publication of historical details on client transactions at HSBC’s Swiss private banking subsidiary and the allegations the bank helped clients evade tax highlights...

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Bank borrowing drives up Turkish external debt
Sep04

Bank borrowing drives up Turkish external debt

Turkish banks’ foreign liabilities are on the increase, and that bodes ill for the country’s economy. Most of the recent increase in Turkey’s external debt has been driven by bank borrowing, Fitch Ratings said 3 September 2014. The rapid rise in banks’ foreign liabilities, particularly at the short end, leaves them more vulnerable to an extreme stress involving an abrupt and prolonged market shutdown. The...

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Fitch raises alert over Turkish banks
Aug20

Fitch raises alert over Turkish banks

Rapid credit growth and higher external debt have increased downside risks affecting major Turkish banks in case of extremely stressed market conditions, Fitch Ratings said. The four largest private banks—Akbank, Garanti, Isbank and Yapi ve Kredi—have solid capital buffers, although these have weakened steadily, the ratings agency said 20 August 2014 in its Peer Review: Large Private Turkish Banks. Foreign liabilities have increased,...

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