Fitch affirms Canara Bank

Fitch Ratings said it affirmed Canara Bank's long-term foreign-currency issuer default rating at BBB-, individual C/D, support rating at 2, support rating floor at BBB- and national long-term rating at AAA(ind). The long-term foreign-currency ratings of its upper tier 2 and hybrid tier 1 bonds are affirmed at BB, and a short-term foreign-currency issuer default rating of F3 is assigned.

The outlook is stable.

The ratings reflect the bank's fairly strong financial profile among Indian banks, its size as the fourth-largest domestic bank by assets with a national presence and its above-average capitalization and solvency, the agency said.

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