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Informist, Monday, Sept. 21, 2026

 

MUMBAI – Moody's Ratings has assigned a "Baa3" rating to Canara Bank Ltd.'s $3-billion medium-term note programme, the state-owned lender informed exchanges Monday. The rating agency said the ratings are assigned to the programme and do not immediately apply to the notes issued under it.

 

Ratings on individual notes issued under the programme are subject to review of the terms and conditions set forth in the final prospectuses, supplements, or 
offering memorandums of the notes to be issued. The agency may not assign the programme rating to individual notes issued under the programme with features linked to the performance of another obligor (credit-linked notes), Moody's Ratings said. 

 

There is no assurance that the notes issued under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will be the same as that assigned to the programme.

 

Last week, Fitch Ratings had assigned a 'BBB-' rating to the $3-billion medium-term note programme. On Sept. 3, Canara Bank's board approved raising up to $2 billion through senior unsecured foreign currency bonds in the overseas market. The fixed or floating rate debt will be issued under its existing $3 billion medium-term note programme through its Gujarat International Finance Tec-City branch in Gandhinagar or any other overseas branch. 

 

For the June quarter, Canara Bank had posted a net profit of INR 48.56 billion and total income of INR 396.84 billion. On Monday, its shares ended 0.1% lower at INR 123.70 apiece on the National Stock Exchange.  End

 

US$1 = INR 95.8150

 

Reported by Arya S. Biju

Edited by Deepshikha Bhardwaj

 

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