Credit agency Standard & Poor's has cut its triple-A rating of the European Union by one notch, saying it had concerns about how the bloc's budget was financed, a view EU leaders and other officials dismissed as misguided.
The global Islamic finance sector is booming and the sharia-compliant assets estimated to be over $1.4 trillion are likely to sustain a double-digit growth in the coming two to three years, said a report.
The global growth of the
Standard & Poor's has raised its sovereign credit ratings for Egypt to 'B-/B' from 'CCC+/C', saying it expected the support from other countries which has propped up government finances to continue.
There are signs that the use of bond financing could be about to take off in the project finance capital markets of Gulf countries, according to a Credit FAQ report by Standard & Poor's ratings services.
The insurance market in Saudi Arabia risks greater market share concentration, according to a Standard & Poor's Ratings Services report.
The report, entitled "Saudi Arabian Insurance In the Third Quarter of 2013: Will
Standard & Poor's reiterated its negative outlook on India's credit rating, which is one notch above "junk", warning of the need to follow through on reforms and dealing a blow to a government that had recently pitched for