Moody's downgrades PNB on the impact of Nirav Modi fraud

May 21, 2018 13:47

International rating agency Moody's today said it has downgraded state-run Punjab National Bank's rating to Ba1/NP from Baa3/P-3, due to impact on the lender's profitability following Nirav Modi-fraud case. It kept the ratings outlook as stable but also downgraded the bank's baseline credit assessment (BCA) and Adjusted BCA to b1 from ba3.

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