Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Fitch affirms PNB's Issuer Default Rating.


Date: 28-11-2018
Subject: Fitch affirms PNB's Issuer Default Rating
New Delhi: Fitch Ratings Tuesday affirmed Punjab National Bank's (PNB) Issuer Default Rating and removed Viability Rating from 'Rating Watch Negative', as it feels that the lender's non-performing loans have peaked and downside risk to profitability has eased. 

"The removal of the VR (Viability Rating) from 'Rating Watch Negative' is based on our view that further downside to the VR is less than we had previously assessed, as we believe the non-performing loan (NPL) ratio has peaked," Fitch said. 

"However, profitability remains under pressure -- we believe the bank may report another loss in the financial year ending March 2019 -- but the downside risk beyond then has eased," it added. 

Core capitalisation also remains under pressure in light of the challenges of returning to profitability and delays in executing some capital-raising initiatives, Fitch added. 

The long-term IDR of PNB stands at 'BBB-' and its VR at 'b', Fitch said, while removing it from Rating Watch Negative. The outlook on the IDR is Stable, Fitch said in a statement. 

IDRs opine on an entity's relative vulnerability to default on financial obligations. VRs represent the capacity of the bank to maintain ongoing operations and to avoid failure. 

"The VR reflects PNB's weak intrinsic risk profile, which is evident from its vulnerable core capitalisation and persistent earning pressure,"  it added.

The bank's gross NPL ratio of 17.1 per cent and specific loan-loss allowance ratio of 52.9 per cent have seen a slight improvement since FY18, but remain weaker than those of most comparable peers. 

Fitch said it expects credit costs to remain elevated, with ageing provisions adding to the burden. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 06-09-2024
Notification No. 42/2024-Customs
Seeks to rescind Notification No. 26/2011-Customs, dated 01.03.2011

Date: 02-09-2024
Notification No. 22/2024-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to exempt export of ATF from the Special Additional Excise Duty when exported to Bhutan.

Date: 02-09-2024
Notification No. 23/2024-Central Excise
Seeks to amend No. 04/2022-Central Excise, dated the 1 30th June , 2022 to exempt export of Petrol and Diesel from the Special Additional Excise Duty when exported to Bhutan.

Date: 02-09-2024
Notification No. 24/2024-Central Excise
Seeks to amend No. 10/2022-Central Excise, dated the 30th June , 2022 to exempt export of Petrol and Diesel from the RIC when exported to Bhutan.

Date: 30-08-2024
Notification No. 21/2024-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude.

Date: 30-08-2024
Notification No. 56 /2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 23-08-2024
Notification No. 55/2024 – Customs (N.T.)
Notification No. 55/2024-Customs (N.T.) dated 23.08.2024 to amend Notification no 77/2023 -Customs (N. T.) dated 20.10.2023 (to revise the AIR of duty drawback of gold and silver jewellery/articles)

Date: 16-08-2024
Notification No. 20/2024-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude

Date: 14-08-2024
Notification No. 54/2024-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg.

Date: 06-08-2024
NOTIFICATION No. 16/2024–Central Tax
Seeks to notify section 11 to 13 of Finance Act (No.1) 2024



Exim Guru Copyright © 1999-2024 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001