Wednesday, November 13, 2019

Fitch affirms VR Ratings for Canara Bank

Fitch Ratings has affirmed Canara Bank's Viability Rating  at 'bb-' following the announcement that India's government plans to merge the state bank with another southern mid-sized state bank, Syndicate Bank. 

Fitch has concurrently affirmed Canara's Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, Support Rating at '2' and Support Rating Floor at 'BBB-'. A full list of rating actions is at the end of this rating action commentary.