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Moody Downgrades PNB Ratings over Impacts of Nirav Modi Fraud

22May By Lavina TolaniNo Comments

INDIA

Moody Downgrades PNB Ratings over Impacts of Nirav Modi Fraud

International Rating Agency Moody's, Investor Service has downgraded state-owned Punjab National Bank's rating citing the impacts of recent fraud on bank's capital and weak internal records. While PNB's rating has been modified to Ba1/NP from Baa3/P-3, its outlook has remained stable. Its baseline credit assessment (BCA) to has been downgraded by the credit agency. The Moody's Report that released on Monday said, The downgrade of the bank’s BCA and ratings reflects the negative impact of the discovery of a number of fraudulent transactions on the bank’s standalone profile, particularly its capital position. Moody's report has forecasted that the state-run bank will need an external capital of about Rs12,000-13,000 crore in FY19 to meet the minimum Basel III CET1 ratio of ...

Economic Growth Likely To Pick Up In Q2, Say Experts

Indias economic growth is likely to show a significant improvement for the September quarter of the current fiscal over the previous three months, when the GDP slipped to a 3-year low of 5.7 per cent, say experts. The Central Statistics Office (CSO) is scheduled to come out on Thursday with the estimates of the second quarter gross domestic product (GDP). The data will also capture the impact of the Goods and Service Tax (GST), which was implemented from July 1. Based on a survey of economists, industry body Ficci expects that the economic growth would rebound to 6.2 per cent in the second quarter, a significant improvement over the April-June numbers. "The slowdown in the economy due to demonetisation and the adjustment impact of GST implementation seems to be bottoming out and ...

Moody’s Raised India’s Rating Based Mainly On UPA Govts Work: P Chidambaram

Former Union finance minister P Chidambaram today claimed that US credit rating agency Moody's upgraded India's ranking based mainly on the work done by the previous UPA government. Moody's had on Friday upgraded India's sovereign credit rating by a notch to Baa2 with a stable outlook, citing improved growth prospects driven by economic and institutional reforms. "The ranking improved not because what happened yesterday but it improved based on what happened over seven or eight years. "I am happy that Moody's has raised India's ranking ... A major contribution to it was made by the UPA government and the other part of the contribution was by the present government," he told reporters here. The senior Congress leader took a swipe at the government for writing a letter to Moody's fiv...