Moody's cracks down on five public sector banks

Moody's Investors Service on Friday downgraded various instruments of five Indian banks: Bank of Baroda (BOB), Bank of India (BOI), Canara Bank, Punjab National Bank and Union Bank of India. Moody's has downgraded the long-term local and foreign currency deposit ratings of BOB, BOI, Canara and UBI to Ba1 from Baa3 and their baseline credit assessments (BCAs) to b1 from ba3. The outlook on the ratings of the four banks is negative.

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