Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Вы переходите с русскоязычного сайта Moody's на международный сайт Moody's на английском языке. Продолжить?
Больше не показывать данное сообщение
Да
Нет
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:
​​

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​​

I AGREE
Announcement:

Moody's affirms debt and deposit ratings of three Indian Banks, revises outlook to Negative

13 Dec 2012

Singapore, December 13, 2012 -- Moody's has revised the rating outlook to negative from stable for the various deposit and issuer ratings assigned to three Indian banks - Punjab National Bank, Bank of Baroda and Canara Bank.

RATINGS RATIONALE

The revision in rating outlook reflects the increased risk posed by current trends in asset quality, with continuing rise in Gross NPLs and restructured loans pressuring profits and capital. Moody's says that these Indian banks are particularly challenged by the prevailing operating environment, characterized by high inflation and high interest rates. These conditions are leading to a slowdown in economic growth and are reducing the repayment ability of some corporate borrowers. Moody's analysis takes into account these bank's comparatively low provisioning, exposing their capital buffers to the risk of erosion in the event that those difficult conditions persist.

The principal methodology used in rating of the three Indian banks was Moody's Consolidated Global Bank Rating Methodology, published in June 2012. Please see the Credit Policy page on Moodys.com for a copy of these methodologies.

Given the negative outlook, the BFSR, BCA, deposit ratings and supported debt ratings, are unlikely to go up in the next 12-18 months.

At ba1 BCA with a negative outlook, which is at the lower end of the D+ BFSR, the individual bank's standalone rating could come under pressure if the asset quality (Gross NPLs and restructured loans taken together and low provisioning cover) continues to deteriorate to a point where gross NPLs as a percentage of shareholders capital and loan loss reserves increase to over 35% and/or if pre-provision income as a percentage of year-end average risk weighted assets falls below 2.75%.

The individual bank's supported debt/issuer ratings (refer below for rating lists for Individual banks) and global local currency (GLC) bank deposit ratings of Baa2/P-2 could be lowered given the downward revision of BCA and/or if our assumptions regarding the willingness and capacity of the Indian government to support the bank were to change.

Given below are the individual rating rationales for each of the three banks.

Punjab National Bank: Summary Rating Rationale

Moody's Investors Service has affirmed Punjab National Bank's (PNB) Baa2 foreign currency long-term issuer rating. Moody's has also affirmed its D+ bank financial strength rating (BFSR), mapping to a baseline credit assessment (BCA) to ba1. PNB's global local currency (GLC) deposit ratings remained at Baa2/P-2 and benefit from a two-notch rating uplift from its ba1 BCA, given Moody's current systemic support assumptions. The bank's foreign-currency long-term issuer rating is in line with its GLC deposit rating and foreign currency debt ceiling for Indian debt issuers.

The affirmation of PNB's issuer rating and BFSR reflects the bank's recent core profitability indicators, especially its comparatively better net interest margins. This strength points to good recurring earnings power leveraged from its nationwide franchise and provides a moderate degree of comfort that it could sustain the otherwise negative pressure arising from the current environment. PNB is the second-largest public-sector bank in India in terms of total assets, with a nationwide franchise and it has a leading position in Northern India.

PNB's Baa3/P-3 foreign currency bank deposit rating, also affirmed, is constrained by the foreign-currency deposit ceiling for India and carries a stable outlook.

Punjab National Bank, headquartered in New Delhi, reported assets of INR 4,582 billion as of 31 March 2012.

Canara Bank : Summary Rating Rationale

Moody's Investors Service has affirmed Canara Bank's deposit and debt ratings. These ratings are: Baa2/P-2 for global local currency (GLC) bank deposit ratings, (P)Baa2 foreign currency senior unsecured debt program, (P)Baa3 foreign currency subordinated debt program, Ba1(hyb) foreign currency junior subordinated debt, and (P)Ba1 foreign currency junior subordinated debt program.

Moody's has also affirmed the bank financial strength rating (BFSR) of D+ and the baseline credit assessment (BCA) of ba1.

Canara Bank's global local currency (GLC) bank deposit ratings of Baa2/P-2 and benefit from a two-notch rating uplift from its ba1 BCA, given Moody's current systemic support assumptions. The bank's foreign-currency senior unsecured debt program rating of (P)Baa2 is in line with its GLC deposit rating and foreign currency debt ceiling for Indian debt issuers.

The foreign currency debt ratings are assigned to the London branch of Canara Bank, which also issues debt under its medium-term notes program.

The affirmation of Canara Bank's deposit and debt ratings and BFSR reflects the bank's recent core profitability indicators, although under pressure provide a moderate degree of comfort that it could sustain the otherwise negative pressure arising from the current environment. Canara Bank is the fifth largest public-sector bank in India in terms of total assets, leverages its nationwide franchise and it has a leading position in Southern India. Its current comfortable liquidity and capitalization levels were other factors in our decision to affirm its debt ratings.

Canara Bank's Baa3/P-3 foreign currency bank deposit rating, also affirmed, is constrained by the foreign-currency deposit ceiling for India and carries a stable outlook.

Canara Bank, headquartered in Bengaluru, had assets of INR 3,732 billion as of 31 March 2012.

Bank Of Baroda: Summary Rating Rationale:

Moody's Investors Service has affirmed Bank of Baroda's deposit and debt ratings. These ratings are: Baa2/P-2 for global local currency (GLC) bank deposit ratings, (P)Baa2 foreign currency senior unsecured debt program, Baa2 foreign currency senior unsecured debt, (P)Baa3 foreign currency subordinated debt program, Baa3 foreign currency subordinated debt, and (P)Ba1 foreign currency junior subordinated debt program.

Moody's has also affirmed the bank financial strength rating (BFSR) of D+ and the baseline credit assessment (BCA) of ba1.

Bank of Baroda's global local currency (GLC) bank deposit ratings of Baa2/P-2 and benefit from a two-notch rating uplift from its ba1 BCA, given Moody's current systemic support assumptions. The bank's foreign-currency senior unsecured rating of Baa2 is in line with its GLC deposit rating and foreign currency debt ceiling for Indian debt issuers.

The foreign currency debt ratings are assigned to the London branch of BOB, which issues debt under its medium-term notes program.

The affirmation of Bank of Baroda's deposit and debt ratings, and BFSR reflects the bank's recent core profitability indicators, supported by improving operating efficiency. This strength points to good recurring earnings power leveraged from its nationwide franchise and provides a moderate degree of comfort that it could sustain the otherwise negative pressure arising from the current environment. The rating affirmation also reflects the bank's significant franchise with growing market share, supporting its comfortable liquidity position. Bank of Baroda is the third-largest public-sector bank in India in terms of total assets, and it has a leading position in Western India with a significant international presence.

Bank of Baroda's Baa3/P-3 foreign currency bank deposit rating, also affirmed, is constrained by the foreign-currency deposit ceiling for India and carries a stable outlook.

Bank of Baroda, headquartered in Mumbai, had assets of INR 4,459 billion as of 31 March 2012.

REGULATORY DISCLOSURES

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Vineet Gupta
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Moody's affirms debt and deposit ratings of three Indian Banks, revises outlook to Negative
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.