Ind Ra assigns Punjab National Bank's AT1 Bonds 'AA+/Stable', affirms existing ratings

9 Sep 2022 , 02:44 PM

India Ratings and Research (Ind-Ra) affirms ratings on Punjab National Bank (PNB) credit facilities.

Long term ratings has been affirmed at “IND AAA/Stable” while short-terem ratings affirmed at “IND A1+.”

The rating agency assigned rating to AT1 bonds at “IND AA+/Stable.”

According to the rating agency report, the Long-Term Issuer Rating factors in PNB’s systemically important position and the likelihood of the bank continuously receiving the support from the government of India (GoI). 

For AT1 instruments, the agency considered the discretionary component, coupon omission risk and the write-down/conversion risk as key parameters to arrive at the rating.

At around 2:46 PM, Punjab National Bank is currently trading at Rs39.10 per share up by Rs0.75 or 1.96% from its previous closing of Rs38.35 per share on the BSE.

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