Fitch affirms Canara

Fitch Ratings said it has affirmed Canara Bank's long-term foreign currency issuer default rating at BBB-, individual rating at C/D, support rating at 2, and support rating floor at BBB-.

The short-term foreign currency issuer default rating is affirmed at F3 and the national long-term rating is affirmed at AAA(ind), the agency noted.

The agency added that it has simultaneously affirmed the bank's $1 billion MTN program at BBB- and its $1 billion upper tier 2 and $250 million hybrid tier 1 subordinated bonds at BB.

The outlook on the long-term ratings is stable.

Fitch noted that Canara's ratings reflect its dominant market position, which supports funding stability.

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