Fitch Ratings affirms stable outlook for key Indian banks amid economic turbulence
Fitch ratings on Indian banks: Fitch Ratings has reaffirmed the stable outlook for several major Indian banks, including Canara Bank, State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PNB), and Union Bank of India.
Fitch ratings on Indian banks: Fitch Ratings has reaffirmed the stable outlook for several major Indian banks, including Canara Bank, State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank (PNB), and Union Bank of India.
The ratings agency affirmed various credit ratings for these institutions, signaling confidence in their financial stability despite ongoing economic challenges. In its latest assessment, Fitch Ratings affirmed Canara Bank's Long-Term Issuer Default Rating (IDR) at 'BBB-' with a stable outlook. Additionally, the agency affirmed Canara Bank's Viability Rating (VR) at 'bb-' and Government Support Rating (GSR) at 'bbb-'.
This reaffirmation underscores Fitch's positive outlook on Canara Bank's ability to navigate the current economic landscape. Similarly, Fitch Ratings maintained the stable outlook for State Bank of India (SBI), India's largest public sector bank. SBI's Long-Term IDR was affirmed at 'BBB-', along with its Viability Rating (VR) at 'bb' and Government Support Rating (GSR) of 'bbb-'.
This reaffirmation reflects Fitch's confidence in SBI's robust position in the banking sector.
Furthermore, Fitch Ratings affirmed the Long-Term Issuer Default Ratings (IDRs) of Bank of Baroda (BOB) and its subsidiary, Bank of Baroda (New Zealand) Limited (BOB NZ), at 'BBB-' with a stable outlook. BOB's Viability Rating (VR) was reaffirmed at 'bb-', along with its Government Support Rating (GSR) of 'bbb-'.
Additionally, BOB NZ's Shareholder Support Rating (SSR) was affirmed at 'bbb-', indicating Fitch's positive assessment of BOB's overall financial health. Punjab National Bank (PNB) also received affirmation from Fitch Ratings, with its Long-Term Issuer Default Rating (IDR) maintained at 'BBB-' and a stable outlook.
PNB's Viability Rating (VR) was affirmed at 'b+', while its Government Support Rating (GSR) remained at 'bbb-'. This reaffirmation underscores Fitch's confidence in PNB's resilience amid economic challenges.
Lastly, Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of Union Bank of India at 'BBB-' with a stable outlook. The agency also affirmed Union Bank's Government Support Rating (GSR) at 'bbb-' and Viability Rating (VR) at 'b+'.
This reaffirmation reflects Fitch's positive assessment of Union Bank's ability to withstand economic headwinds. Overall, Fitch Ratings' stable outlook for these Indian banks reflects confidence in their resilience and ability to navigate challenges in the current economic environment.
These affirmations are likely to bolster investor confidence and support the continued growth and stability of the Indian banking sector.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
02:30 PM IST