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Key View: Proposals to reduce the high pharmaceutical trade imbalance between India and China by boosting Indian drugmaker investment in the country will bode well for the long-term business prospects of Indian drugmakers and multinational drugmakers invested in India. Moreover, recent changes to Chinese regulations allowing quicker product

We expect low volatility net asset value (LVNAV) funds to be the largest European money fund segment once European money fund reforms are fully effective. Irrespective of the outcome of the recent regulatory discussion on LVNAVs denominated in euros, volumes in sterling and US dollar transitioning to this fund type will still make it the largest

Following the issuance of a new directive by the Chinese authorities aiming at tightening the access of LGFVs/SOEs (collectively, government related entities - GREs) to offshore bond markets, Fitch Ratings is reviewing the directive for evidence of any change in practical support as measured by our criteria. The directive may potentially limit or

The uptick in EMEA CMBS issuance in recent months has seen heavier use of pro-rata principal allocation, which creates risks that can be disguised by prudent senior note-to-value ratios. Consequently, and as CMBS expands to include more operating assets, it becomes more important to look through headline leverage into the details of individual

Fitch Ratings maintains a stable rating outlook for the UK credit card sector, based on the buffer between UK trusts' current performance and the agency's through the cycle steady-state assumptions.

Our latest UK Credit Card Index shows that the performance of Fitch-rated credit card trusts is largely unchanged from the previous quarter. The three

Increased trade tensions have raised the risk that new measures may be taken that would have a much greater impact on global economic growth than those enacted so far.

The US investigation into auto tariffs, possible additional US tariffs on Chinese imports, and the likely reactions of other countries and blocs, point to a potential serious

Weakening capitalisation and profitability in recent years have started to challenge supranational institutions' credit profiles. We expect credit metrics to stabilise, but this will partly depend on shareholders' willingness to provide additional capital. 

The equity/total assets ratio of a sample of the major multilateral development banks (MDBs

Alaska's recent passage of the Permanent Fund (PF) Protection Act as a means for addressing ongoing projected budget gaps may result in the eventual depletion of the PF's Earnings Reserve (PFER). Avoiding that outcome will require more robust revenue growth than currently expected or other offsetting future state (Issuer Default Rating [IDR] 'AA'

There is a strong likelihood California's next governor will encounter recession, though the state is fundamentally better positioned to withstand the next inevitable economic downturn.

With Governor Jerry Brown's final budget now official and his second term nearing an end, California continues to benefit from strong economic growth in the midst

A regulatory shift towards loan-to-income (LTI) restrictions has contributed to the recent adjustment in Norwegian and Swedish house prices, Fitch Ratings says. Other factors that will influence the market include supply-demand fundamentals and income growth, but most importantly the eventual pace of interest rate rises. Danish mortgage borrowers