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Informist, Thursday, Sept. 17, 2026

--Moody's assigns provisional 'Baa3' rating to PNB's $1.5 bln MTN program 

MUMBAI – Moody's Ratings Thursday assigned a provisional 'Baa3' rating to Punjab National Bank's medium-term note programme of $1.5 billion. Moody's has rated the medium-term note programme at the same level as the bank's long-term foreign currency issuer default rating and bank deposits rating of 'Baa3'.

"The senior notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the issuer and will rank pari passu among themselves and equally with all other unsubordinated and unsecured obligations of PNB," the agency said. On Wednesday, Fitch Ratings Ltd. assigned a 'BBB-' rating to the bank's same medium-term note programme of $1.5 billion. 

In August, Informist had reported quoting officials that the bank plans to raise $1 billion through three- or five-year dollar-denominated bonds in September. For the June quarter, Punjab National Bank had reported a net profit of INR 52.53 billion on total income of INR 372.31 billion. At 1338 IST, its shares traded at INR 116.74 apiece on the National Stock Exchange, down 0.1% from Wednesday.  End

US$1 = INR 95.94

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by J. Navya Sruthi

Edited by Avishek Dutta

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