Moody’s has upgraded the outlook on Punjab National Bank (PNB), which will merge OBC and United Bank of India with itself, to ‘positive’ from ‘stable’.
Moody' Investors Service has updated the outlook on PNB to positive from stable on Wednesday and has affirmed the local and foreign currency deposit ratings of PNB at Bal/NP, and affirmed the bank's BCA and Adjusted BCA at b1, as per filing.
It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3.
Moody’s Investors Service also said it has affirmed the local and foreign currency deposit ratings of PNB at Ba1/NP and affirmed the bank’s baseline credit assessments (BCAs).
“The outlooks on Canara Bank, OBC, Syndicate Bank and Union Bank are maintained at stable.
“Moody’s has changed the outlook on PNB to positive from stable,” the bank added.
The affirmation of PNB’s ratings with a positive outlook reflects Moody’s view that the bank’s BCA will likely to improve after the capital infusion from the government, and that its financial metrics will gradually improve, the bank said.
Punjab National Bank is currently trading at Rs61.20 up by Rs1.3 or 2.17% from its previous closing of Rs59.90 on the BSE.
No comments