Moody's upgrades ratings for PNB, Canara Bank and Bank of Baroda to 'Baa3'

India's improving macros, banks improving credit profile trigger upgrade

Global rating agency Moody's has upgraded the long-term local and foreign currency deposit ratings of Bank of Baroda (BOB), Canara Bank, and Punjab National Bank (PNB) from "Ba1" to "Baa3", reflecting improving credit profile and macro economic conditions.

It also upgraded the Baseline Credit Assessment (BCA) of the State Bank of India and three public sector banks - BOB, Canara Bank and PNB.

The upgrading of ratings and BCA reflect an improvement in India's macro profile to "Moderate+" from "Moderate" and the improving credit metrics of the four banks, Moody's said in a statement on Friday.

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