LONDON, UK: Fitch Ratings has updated its “International Local and Regional Governments (LRGs) Rating Criteria” as part of its routine criteria review process, a statement said. Revisions to the criteria are mostly editorial in nature and there is no impact on existing ratings. The update includes describing the effect on ratings of a distressed debt…
Fitch predicts higher natural gas price in 2021 & 2022
LONDON: Given the recovering demand and supply challenges as well as strong year-to-date prices, Fitch has revised upwards the natural gas price assumptions for 2021 and 2022. The most significant increases are to European Title Transfer Facility (TTF) gas price assumptions. The current record-high spot prices are driven by extreme weather conditions this year, low…
Fitch Ratings is likely to revise up Mexican GDP growth forecast
NEW YORK: Fitch Ratings is likely to revise up Mexican GDP growth forecasts (currently 5.3% for 2021 and 2.7% for 2022) after stronger-than-expected performance in 2Q21. “The banking system’s improving profitability in 1H21 outpaced expectations as credit quality deterioration was less than expected, particularly at large banks that frontloaded provisions in 2020,” the rating agency…
New India Assurance sustains financial strength rating of B++
SINGAPORE: New India Assurance, having ultimate majority ownership by the Government of India, is exposed to high market risk arising from a notable allocation to domestic equity investments, with market value fluctuations amid the COVID-19 pandemic. It has resulted in elevated volatility in the company’s reported shareholders’ equity in recent years. New India Assurance is…
Next Insurance US gets financial strength rating of A-
OLDWICK: Based on its very strong balance sheet and appropriate enterprise risk management, global insurance sector rating agency, AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Next Insurance US Company, headquartered in Palo Alto, CA. The outlook assigned to these Credit Ratings…
iSIGN Media terminates its CEO Dave Rodgerson
TORONTO: iSIGN Media Solutions, a leading provider of interactive mobile proximity marketing and public security alert solutions announced that the Company has terminated its contract with Mr. Dave Rodgerson as Chief Executive Officer and as a Director the Company effective September 3, 2021. iSIGN, a Canadian company based in Toronto (Richmond Hill), Ontario is a…
Arqit Quantum announce business combination with Centricus Acquisition
NEW YORK: Arqit Quantum Inc. announced the completion of its business combination with Centricus Acquisition Corp., a special purpose acquisition company. The business combination was approved at the extraordinary general meeting of Centricus’ shareholders on August 31, 2021 and closed today, September 3, 2021. The combined company will retain the name Arqit Quantum Inc. Beginning…
Stuart Bodden appointed CEO of Ranger Energy Services
HOUSTON: Ranger Energy Services announced that Stuart Bodden has been named as President and Chief Executive Officer (CEO), effective September 1, 2021. Stuart has also been appointed to the board of directors. Bill Austin, stated, “I am pleased that Stuart will be joining Ranger. He brings a deep knowledge of the oil service business and…
Charles to be succeeded by Barbara Jeremiah as Weir Group Chair
LONDON, UK: The Weir Group announced that Charles Berry will retire as Chairman following the 2022 Annual General Meeting (AGM), having completed his full nine-year term with the Board. The Board announced the appointment of Barbara Jeremiah as Chair-Designate, with immediate effect. Barbara will succeed Charles as Chair at the conclusion of the Company’s AGM,…
Nornickel to negotiate settlement agreement with fishery agency
MOSCOW: Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, has agreed with Russia’s Federal Agency for Fishery (or Rosrybolovstvo) to negotiate a potential settlement agreement in kind of the claim filed by the Agency against a subsidiary of the Company. On petitions of the parties,…
Mercia Asset Management invests into Locate Bio
LONDON, UK: Mercia Asset Management announced a significant syndicated investment into existing direct investment portfolio company Locate Bio Limited, a Nottingham-based business developing a range of orthobiologics. This investment into Locate Bio consists of a syndicated £10.0million Series A round in which Mercia has made a direct investment of £1.6million, alongside £4.0million from Mercia’s third…
Etalon Group announces partnership with online marketplace Ozon
MOSCOW, RUSSIA: Etalon Group, one of Russia’s largest and longest-established development and construction companies, announced the signing of a cooperation agreement with Russia’s leading online marketplace Ozon. As part of the long-term partnership agreement, the companies plan to carry out joint projects that combine the products and possibilities of real estate development and e-commerce. One…