pnb fitch rating

PNB's asset quality and capital parameters continue to be weak but have shown some stability since Fitch's rating action in June 2017. Additionally, as on January 31, 2020, PNB Housing has cash equivalents (not considering SLR investments of around Rs 1,918 crore) of Rs 7,625 crore and sanctioned and unutilised bank lines and NHB refinance of Rs 6,351 crore.CRISIL believes that PNB Housing will maintain its gearing metrics post equity raise. We have rated over 24,500 large and mid-scale corporates and financial institutions. Quality Investments Holdings (part of the Carlyle Group) pursuant to in specie distribution of its assets as per winding up scheme.CRISIL Ratings is part of CRISIL Limited (“CRISIL”). Global ratings agency Fitch has placed Punjab National Bank's (PNB) viability rating of 'bb' on rating watch negative (RWN), following the large fraud reported by the state-run bank. We pioneered the concept of credit rating in India in 1987. The company has positive cumulative gaps in the upto 1 year bucket (excluding lines of credit) largely helped by high on-balance sheet liquidity. CRISIL AA/Stable (Downgraded from 'CRISIL AA+/Negative') CRISIL AA/Stable (Downgraded from 'CRISIL AA+/Negative') CRISIL AA/Stable (Downgraded from 'CRISIL AA+/Negative') Non-Convertible Debentures Aggregating Rs.5700 Crore^CRISIL AA/Stable (Downgraded from 'CRISIL AA+/Negative') Short Term Non-Convertible Debentures Aggregating Rs.500 CroreRefer to annexure for Details of Instruments & Bank FacilitiesCRISIL has downgraded its rating on the long-term debt instruments, bank facilities and fixed deposit programme of PNB Housing Finance Limited (PNB Housing) to CRISIL has fully consolidated the business and financial risk profile of PNB Housing and its subsidiary given the managerial, operational and financial linkages. CRISIL has also revised the outlook on the long-term ratings to 'Stable' from 'Negative'. Moody's Investors Service on Tuesday placed Punjab National Bank's (PNB) rating under review for downgrade after the lender reported a ₹11,500 crore fraud. Over 1,10,000 MSMEs have been rated by us. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. Further, the company had estimated collections (including prepayments) of Rs 20,000 crore over the same period.

It has maintained the rating on Rating Watch Negative (RWN).
PNB shares have lost nearly a quarter of their value since the fraud was reported................................. Advertisement ................................Fitch Puts Punjab National Bank's Viability Rating On Negative Watch © COPYRIGHT NDTV CONVERGENCE LIMITED 2020. PNB's other ratings are unaffected by this downgrade. The Viability Rating measures credit worthiness of a financial institution and reflects the likelihood of the entity to fail, as per Fitch. It expects PNB’s capital position to recover gradually, but downside risk remains. Their resource raising ability is also expected to remain strong while they will continue to maintain high liquidity levels.PNB Housing was set up in 1988, as a deposit-taking housing finance company (HFC) registered with National Housing Bank (NHB), promoted by Punjab National Bank (PNB; rated 'CRISIL AA+/CRISIL AA-/Watch Developing'). During fiscal 2017, Destimoney Enterprises Ltd transferred equity shares in PNB Housing to its holding Company i.e. With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. PNB last week said it has detected fraudulent transactions of US $1.77 billion (Rs 11,400 crore) in one of its branches in Mumbai. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. The RWN reflects the possibility of a downgrade of PNB's Viability Rating. Fitch, however, affirmed PNB’s long-term issuer default rating (IDR) at ‘BBB-’, with a stable outlook.
In December 2009, PNB sold 49% stake in PNB Housing and entered into a strategic partnership with Destimoney Enterprises Pvt Ltd (owned by NSR Partners). Mumbai: Fitch Ratings has downgraded Punjab National Bank’s viability rating- its view on the bank’s creditworthiness to 'bb-' from 'bb' implying higher risk of default by the bank. As on December 31, 2019, the company had debt repayments of Rs 19,500 crore over the six months till June 2020. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). CRISIL has downgraded its rating on the long-term debt instruments, bank facilities and fixed deposit programme of PNB Housing Finance Limited (PNB Housing) to 'CRISIL AA/FAA+' from 'CRISIL AA+/FAAA'. ALL RIGHTS RESERVED.Fitch Puts Punjab National Bank's Viability Rating On Negative WatchNirav Modi Further Remanded In Custody Until August 27, Trial Begins In SeptemberPunjab National Bank Falls on Reporting DHFL's Rs 3,689 Crore Loan As FraudPunjab National Bank Reports Rs 3,689-Crore DHFL Loans As Fraud The ratings also factor in the brand-sharing benefits from the parentage of PNB.Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.PNB Housing's asset-liability maturity profile is strong.

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