Axis Bank, Bank of Baroda and ICICI Bank had their CR assessments upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr).
Global ratings agency Moody’s Investors Service today gave counterparty risk ratings (CRR) to 15 lenders in the country, including fraud-hit Punjab National Bank and country’s largest lender SBI. Others who got the ratings include ICICI Bank, Axis Bank, Bank of Baroda and HDFC Bank, among others.
It said the CRR are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event that such liabilities are not honoured. The agency also upgraded the counterparty risk assessments of four banks, including PNB, ICICI Bank, Bank of Baroda and Axis Bank.
“The counterparty risk (CR) assessment of Punjab National Bank was upgraded to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr),” a statement from the agency said. Axis Bank, Bank of Baroda and ICICI Bank had their CR assessments upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr).
PNB in a statement today said, “Following the bank’s strong recovery and the Government of India’s continued support, Punjab National Bank (PNB) has been assigned counterparty risk rating (CRR) from Moody’s Investors Service.”