Fitch Affirms Punjab National Bank at 'BBB-', Upgrades Viability Rating to 'BB-'

Fitch Ratings has maintained Punjab National Bank's (PNB) Long-Term Issuer Default Rating (IDR) at 'BBB-' with a stable outlook. More importantly, Fitch has upgraded PNB's Viability Rating (VR) to 'BB-' from the earlier level. This upgrade comes on the back of substantial enhancement in the financial health and quality of assets of the bank. PNB's IDR is backed by its Government Support Rating (GSR) of 'bbb-', which identifies the high probability of state support in case of need. The stable outlook corresponds with the Indian sovereign rating. The upgrade of VR captures the improved standalone financial profile of PNB based on stronger asset quality and earnings. The action is part of Fitch's constant review of Indian banks that have registered strong performance over recent years.

Source: Financial News Desk