Punjab National Bank (PNB) — Announcement | 18 September 2026

Punjab National Bank (PNB) received credit rating upgrades from Moody's, Fitch, and CareEdge for its $1.5 billion medium-term note (MTN) programme, assigning Baa3, BBB-, and BBB+/Stable ratings respectively. The ratings align with PNB's existing Baa3 issuer rating and reflect stable sovereign support from the Government of India, which owns 70% of the bank. The rating rationale highlights PNB's systemic importance, strong government backing, and improved capital ratios, though asset quality risks in MSME and agricultural segments persist. The filings confirm regulatory compliance under SEBI LODR and include detailed rating rationales from all three agencies.