Global rating agency, Moody’s Investors Service has downgraded state-owned Canara Bank a notch down in terms of Baseline Credit Assessments (BCAs), an indication of intrinsic or standalone financial strength of the bank. The rating firm has downgraded the BCA of Canara Bank to ‘ba3’ from ‘ba2’ on account of rise in NPA.
The agency has however stated that the bank’s BCA could be upgraded if there are substantial improvements in its asset quality metrics.
Further, Moody’s has affirmed the BCA and adjusted BCA of ICICI, Axis and BOB at baa3, baa3 and ba2, respectively.
