CARE Ratings assigns credit ratings to PNB

New Delhi: State-owned Punjab National Bank said in a regulatory filing that CARE Ratings vide its rating action has assigned/reaffirmed the ratings for various instruments of the bank. Further, it stated that the rating agency has assigned the 'CARE AA+ / Positive' for Basel III Tier 2 bonds worth Rs 2,500 crores. The bank also informed that the rating agency has reaffirmed ratings for infrastructure bonds, additional tier-I bonds, and certificate of deposit.

Bank's infrastructure bonds worth Rs 5,000 crores were rated as 'CARE AA+/ Positive'. Its Basel III Additional Tier-I bonds worth Rs 5,142.5 crores were rated 'CARE AA/ Positive' while its certificate of deposit worth Rs 60,000 crores was rated 'CARE A1+'. Further, the filing said that rating actions for Basel II Perpetual Bonds and Lower Tier-II bonds were withdrawn.

"CARE Ratings Limited (CARE Ratings) has withdrawn the rating assigned to Lower Tier-II Bonds (Basel II) of Rs 1,025 crore, and Perpetual Bonds (Basel III) of Rs 300 crore with immediate effect, as the bank has repaid the aforementioned debt instruments in full and there is no amount outstanding under the issue as on date," it added.

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