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Fitch affirms ratings of five PSBs at 'BBB-'; outlook remains negative

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Fitch Ratings has affirmed the ratings of five public sector lenders, including the State Bank of India (SBI) and the Punjab National Bank (PNB).

Fitch affirms ratings of five PSBs at 'BBB-'; outlook remains negative
Fitch Ratings on Monday has affirmed the ratings of five public sector lenders, including the State Bank of India (SBI) and the Punjab National Bank (PNB). The agency also continued to maintain a negative outlook on the lenders, which further include Bank of India, Bank of Baroda and Canara Bank.
"Fitch Ratings has affirmed State Bank of India's (SBI) Long-Term Issuer Default Rating (IDR) at 'BBB-'. The outlook is negative," the agency said. The bank's Viability Rating (VR) stood at 'bb'.
Punjab National Bank's Long‐Term Issuer Default Rating (IDR) was also with a negative outlook rated at ‘BBB-' and the outlook is negative," Fitch said. This reflects the outlook on India's sovereign rating (BBB‐/Negative). The agency has also affirmed PNB's Viability Rating (VR) at 'b'.
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Similarly, Fitch also affirmed Bank of India's Long‐Term Issuer Default Rating (IDR) at 'BBB‐' with a negative outlook and Viability Rating (VR) at 'b+'. Fitch has also assigned BOI a Government Support Rating (GSR) of 'bbb-', which drives the IDR, in line with updated criteria.
Also, Bank of Baroda and wholly-owned subsidiary Bank of Baroda (New Zealand) were rated at 'BBB-' and the outlook is Negative. The agency has also affirmed BOB's Viability Rating (VR) at 'bb-'.
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