Ratings firm Moody's has downgraded a variety of ratings for three major public sector banks- Bank of Baroda,Canara BankBSE -9.96 % and Union Bank. Besides downgrading their bank financial strength ratings or BFSRs and the issuer ratings, it has also downgraded by one notch their local currency deposit ratings.
The foreign currency deposit ratings are however affirmed the same for the three banks and a fourth public sector bank- and Punjab National Bank. The outlook on the BFSRs is negative, except for Punjab National BankBSE -7.00 %whose BFSR has a stable outlook. Moody's has affirmed the ratings of Union Bank of India, but changed the outlook on its BFSR to negative.
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