Moody's Investors Service has downgraded the Long Term local and foreign currency deposit ratings of Bank of Baroda (BOB) to Ba1 from Baa3 and the Baseline Credit Assessments (BCAs) to b1 from ba3. The outlook on the ratings of the bank is negative. In addition, Moody's has downgraded BOB's Long Term Counterparty Risk Assessments to Ba1 while the Short Term Counterparty Risk Assessments to NP.
The Ratings Rationale from Moody's was the deepening economic slowdown exacerbated by the coronavirus outbreak will strain the standalone credit strength of the bank.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
