Moody's cuts Punjab National Bank BCA

Moody's Investors Service said it affirmed Punjab National Bank's Baa2 foreign currency long-term issuer rating.

At the same time, Moody's affirmed its D+ bank financial strength rating while lowering its mapping to a baseline credit assessment of Ba1 from Baa3.

The outlook is stable.

"The affirmation of PNB's issuer rating, bank financial strength rating and stable outlooks reflect the bank's recent core profitability indicators, especially net interest margins, which point to good recurring earnings power leveraged from its nationwide franchise," Moody's vice president and senior analyst Vineet Gupta said in a news release.

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