Singapore, April 30, 2020 -- Moody's Investors Service ("Moody's") has today
withdrawn all ratings and assessments of Syndicate Bank (Syndicate) and
Oriental Bank of Commerce (OBC).
Prior to withdrawal, the outlook on the banks' long-term
deposit ratings was stable.
RATINGS RATIONALE
The withdrawal follows the merger of Syndicate into Canara Bank (Canara,
Baa3 stable, ba3) and OBC into Punjab National Bank (PNB,
Ba1 positive, b1) on 1 April 2020. As a result of the mergers,
Syndicate and OBC ceased to exist as separate legal entities. All
of Syndicate and OBC's assets and liabilities have been directly assumed
by Canara and PNB respectively.
Syndicate Bank is headquartered in Bangalore, and reported assets
of INR3.3 trillion at 31 December 2019.
Oriental Bank of Commerce is headquartered in Delhi, and reported
assets of INR2.7 trillion at 31 December 2019.
Please refer to the Moody's Investors Service Policy for Withdrawal of
Credit Ratings available on its website, www.moodys.com.
List of Withdrawals are as below:
..Issuer: Oriental Bank of Commerce
....Adjusted Baseline Credit Assessment,
Withdrawn, previously rated ba3
....Baseline Credit Assessment, Withdrawn,
previously rated ba3
....Long-term/Short-term Counterparty
Risk Assessment, Withdrawn, previously rated Baa3(cr)/P-3(cr)
....Long-term Counterparty Risk Rating
(Foreign Currency/Local Currency), Withdrawn, previously rated
Baa3
....Short-term Counterparty Risk Rating
(Foreign Currency/Local Currency), Withdrawn, previously rated
P-3
....Long-term Deposit Rating (Foreign
Currency/Local Currency), Withdrawn, previously rated Baa3,
outlook withdrawn from stable
....Short-term Deposit Rating (Foreign
Currency/Local Currency), Withdrawn, previously rated P-3
....Outlook, Changed to Rating Withdrawn
from stable
..Issuer: Syndicate Bank
....Adjusted Baseline Credit Assessment,
Withdrawn, previously rated ba3
....Baseline Credit Assessment, Withdrawn,
previously rated ba3
....Long-term/Short-term Counterparty
Risk Assessment, Withdrawn, previously rated Baa3(cr)/P-3(cr)
....Long-term Counterparty Risk Rating
(Foreign Currency/Local Currency), Withdrawn, previously rated
Baa3
....Short-term Counterparty Risk Rating
(Foreign Currency/Local Currency), Withdrawn, previously rated
P-3
....Long-term Deposit Rating (Foreign
Currency/Local Currency), Withdrawn, previously rated Baa3,
outlook withdrawn from stable
....Short-term Deposit Rating (Foreign
Currency/Local Currency), Withdrawn, previously rated P-3
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Withdrawn, previously rated (P)Baa3
....Subordinate Medium-Term Note Program
(Foreign Currency), Withdrawn, previously rated (P)Ba3
....Junior Subordinate Medium-Term
Note Program (Foreign Currency), Withdrawn, previously rated
(P)B1
....Outlook, Changed to Rating Withdrawn
from stable
..Issuer: Syndicate Bank, London Branch
....Long-term/Short-term Counterparty
Risk Assessment, Withdrawn, previously rated Baa3(cr)/P-3(cr)
....Long-term Counterparty Risk Rating
(Foreign Currency/Local Currency), Withdrawn, previously rated
Baa3
....Short-term Counterparty Risk Rating
(Foreign Currency/Local Currency), Withdrawn, previously rated
P-3
....Senior Unsecured Medium-Term Note
Program (Foreign Currency), Withdrawn, previously rated (P)Baa3
....Subordinate Medium-Term Note Program
(Foreign Currency), Withdrawn, previously rated (P)Ba3
....Junior Subordinate Medium-Term
Note Program (Foreign Currency), Withdrawn, previously rated
(P)B1
....Outlook, Changed to Rating Withdrawn
from stable
REGULATORY DISCLOSURES
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
The ratings have been disclosed to the rated entity or its designated
agent(s) and issued with no amendment resulting from that disclosure.
These ratings are solicited. Please refer to Moody's Policy
for Designating and Assigning Unsolicited Credit Ratings available on
its website www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Moody's general principles for assessing environmental, social
and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.
The Global Scale Credit Rating on this Credit Rating Announcement was
issued by one of Moody's affiliates outside the EU and is endorsed
by Moody's Deutschland GmbH, An der Welle 5, Frankfurt
am Main 60322, Germany, in accordance with Art.4 paragraph
3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies.
Further information on the EU endorsement status and on the Moody's
office that issued the credit rating is available on www.moodys.com.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead rating analyst and the Moody's legal entity that has issued
the ratings.
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.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Rebaca Tan
Asst Vice President - 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
Client Service: 852 3551 3077
Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 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
Client Service: 852 3551 3077