Fitch affirms Punjab National Bank

Fitch Ratings said it affirmed Punjab National Bank's long-term foreign-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, national long-term rating at AAA(ind), along with the AAA(ind) rating on its Rs. 10 billion subordinated lower tier 2 debt and F1+(ind) rating on its Rs. 150 billion certificates of deposit.

The outlook is stable.

The ratings reflect its dominant franchise in India, which helps the bank maintain strong financials among large Indian government banks, Fitch said.

The agency said it believes that asset quality deterioration will remain manageable given the improved domestic economic outlook, the agency said.

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