News Details

( 07 Nov 2017)
Moody's ups rating outlook for BoI, Union Bank, OBC to stable

Moody's Investors Service said it has revised the rating outlook on three PSU lenders - Bank of India, Union Bank and Oriental Bank of Commerce - to stable from negative, reported PTI.

The upgrade in outlook follows the government's announcement last month to infuse an unprecedented Rs 2.1 lakh crore into public sector banks over two years.

"Moody's changed the outlook to stable from negative for BoI (Bank of India) and its London and Jersey branch, Union Bank and its Hong Kong branch, and OBC (Oriental Bank of Commerce)," Moody's said in a statement.

The US-based ratings agency also affirmed local and foreign currency bank deposit ratings of these three PSU banks.

For BoI, Moody's has affirmed the senior unsecured MTN programme rating at (P)Baa3 and the senior unsecured debt rating at Baa3 for debt issued from its London and Jersey branch.

Moody's has also affirmed the standalone credit profiles or baseline credit assessments (BCAs) of these three banks.