Fitch Ratings Affirms Stable Outlook for Key Indian Banks, Including Canara Bank, State Bank of India, Bank of Baroda and Punjab National Bank Amid Economic Turbulence

New Delhi, April 17: 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. Ransomware Attack: Fitch Ratings Warns of Credit Implications As Cyber Attacks Pose Risks to Structured Finance Deals

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. Indian Banks’ Operating Environment Strengthened As Economic Risks Associated With COVID-19 Pandemic Ebbed, Says Fitch Ratings

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.

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