New Delhi, Oct 28: Moody’s Investor Services has upgraded the ‘financial strength rating’ (FSR) of Union Bank of India due to ‘consistent improvement in the bank’s core profitability and asset quality in recent years. ’ The FSR rating has been upgraded by a single notch from E+ to D-. The FSR rating reflects Moody’s views on a bank’s intrinsic safety and soundness and excludes external credit risk and credit support elements. A ‘D’ rating indicates modest intrinsic financial strength requiring some outside support at times and ‘E’ indicates very modest intrinsic financial strength and higher likelihood of period outside support.
While State Bank of India and ICICI Bank are rated as D+, Bank of India, Bank of Baroda, Punjab National Bank and Canara Bank are rated as ‘D’.
Central Bank of India may be only the Indian bank rated as E. Bureau Report