Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
22 November, 2017 12:56 IST
Moody's affirms ratings of seven and downgrades ratings of two Indian public sector banks
Source: IRIS | 24 Jul, 2017, 04.28PM
Comments  |  Post Comment

Moody's Investors Service has affirmed the local and foreign currency bank deposit ratings of seven Indian public sector banks (PSBs) at Baa3/Prime-3 The affected banks are Bank of Baroda (Q,N,C,F)* (BOB), Bank of India (Q,N,C,F)* (BOI), Canara Bank (Q,N,C,F)* (Canara), Oriental Bank of Commerce (Q,N,C,F)* (OBC), Punjab National Bank (Q,N,C,F)* (PNB), Syndicate Bank (Q,N,C,F)* (Syndicate) and Union Bank of India (Q,N,C,F)* (Union Bank). The counterparty risk assessment (CRA) of these banks affirmed at Baa3(cr)/P-3(cr).

Moody's also downgraded the long term local and foreign currency bank deposit ratings of Indian Overseas Bank (IOB) and Central Bank of India (CBI) to Ba3 from Ba1. In addition, Moody's downgraded IOB and Indian Overseas Bank, Hong Kong Branch's senior unsecured medium-term note (MTN) program rating to (P)Ba3 from (P)Ba1 and IOB's Hong Kong branch's senior unsecured debt rating to Ba3 from Ba1. The long term CRA of these banks has also been downgraded to Ba2(cr) from Ba1(cr).

Moody's also downgraded the standalone credit profile or the baseline credit assessment (BCA) of Syndicate to ba3 from ba2, and as a result, downgraded the subordinated MTN and junior subordinated MTN program ratings of the bank to (P)Ba3 and (P)B1 from (P)Ba2 and (P)Ba3, respectively.

Moody's changed the outlook to stable from positive for BOB and its London branch, Canara and its London branch, PNB, and Syndicate and its London branch, changed the outlook to negative from positive for BOI and its London branch and Jersey branch, OBC, and Union Bank and its Hong Kong branch, and changed the outlook to stable from negative for IOB and its Hong Kong branch. Outlook for CBI was maintained at stable.

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Glenmark Pharma gets nod for generic Loestrin Fe 1/20 tablets - 22-Nov-2017 11:27
Strides Shasun's arm receives USFDA approval for Acetazolamide tablets - 22-Nov-2017 10:41
Ramco Systems inks multi-million dollar order with LBC Express - 22-Nov-2017 10:08
NCC in consortium with BGR Infra bags Talaipalli coal block project - 22-Nov-2017 09:56
Zydus' oral anemia developmental candidate; ZYAN1 named as Desidustat by WHO - 21-Nov-2017 12:51
Dr. Reddy's receives EIR from USFDA for Vishakhapatnam facility - 21-Nov-2017 12:46
Artefact Projects bags various orders worth Rs 292.6 mn - 21-Nov-2017 12:34
Yes Bank raises USD 400 mn via syndicated loan transactions in Taiwan, Japan - 21-Nov-2017 12:24
Simplex Infra bags order worth Rs 5.24 bn from NBCC - 21-Nov-2017 11:30
Simplex Infra bags order worth Rs 5.24 bn from NBCC - 21-Nov-2017 11:30
ARSS Infra wins order worth Rs 870.9 mn - 21-Nov-2017 10:05
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer