Credit rating agency -- India Ratings and Research (Ind-Ra) has upgraded Punjab National Bank's (PNB) Long-Term Issuer Rating to 'AAA' from 'AA+' while resolving the Rating Watch Evolving (RWE). The Outlook is Stable. The Short-Term Issuer rating has also been affirmed at 'A1+'.
The bank has received upgrade in credit ratings from India Ratings and Research as follows - Basel III Tier 2 Bonds AAA/ Stable (Upgrade from AA+; off Rating Watch Evolving) .Additional Tier I Bonds AA/ Stable (Upgrade from A; off Rating Watch Evolving). Senior Infrastructure Bonds AAA/ Stable (Upgrade from AA+; off Rating Watch Evolving).
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.