Ratings agency Moody's on September 3 took rating action on five public sector banks, namely, Bank of Baroda (BoB), Bank of India (BoI), Canara Bank, Punjab National Bank (PNB) and Union Bank of India (UBI).
The long-term local and foreign currency deposit ratings of BoB, BoI, Canara and UBI were downgraded to Ba1 from Baa3 and their baseline Credit Assessments (BCAs) to b1 from ba3. The outlook on the ratings of the four banks is negative.
Meanwhile, it affirmed PNB's long-term local and foreign currency deposit ratings at Ba1 and its BCA at b1, changing its ratings outlook to negative from stable.
(This is a developing story. Check back later for updates)
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