Bengaluru: Public sector lender Canara Bank has received international credit ratings from global rating agencies Fitch Ratings and Moody’s Ratings for its recent USD 500 million senior unsecured notes issuance.
The ratings were assigned after Canara Bank’s latest USD 200 million tap issuance, which was consolidated with the existing USD 300 million notes, taking the total outstanding issuance to USD 500 million.
The bank informed the stock exchanges that the ratings reflect the confidence of international rating agencies in its financial strength, credit profile, and operational performance.
Fitch Ratings Assigns ‘BBB-’ Rating to Canara Bank Notes
Fitch Ratings has assigned the following ratings to Canara Bank’s USD 500 million 4.896% Senior Unsecured Notes due 2029:
- Senior Unsecured Long-Term Rating: ‘BBB-’
- Senior Unsecured Long-Term (XGS) Rating: ‘BB(xgs)’
The ratings cover the tap issuance under Canara Bank’s international bond programme.
Moody’s Assigns Baa3 Rating with Stable Outlook
International rating agency Moody’s Ratings has assigned a:
- Baa3 rating
- Stable outlook
to the same senior unsecured notes issued under Canara Bank’s USD 3 billion Medium Term Note Programme.
The stable outlook indicates Moody’s assessment of the bank’s steady credit position and financial outlook.
Read also: Canara Bank Signs MoU with Telangana Government to Offer Salary Accounts for State Employees
USD 500 Million Bond Issuance Strengthens Global Funding Position
Canara Bank’s bond issuance comprises:
- Existing notes: USD 300 million
- New tap issuance: USD 200 million
- Total consolidated issuance: USD 500 million
The successful international debt issuance highlights the bank’s ability to access global capital markets and attract confidence from international investors.
Ratings Reflect Strong Fundamentals and Credit Profile
Canara Bank stated that the ratings from Fitch and Moody’s demonstrate continued recognition of its strong financial fundamentals.
The bank continues to focus on:
- Maintaining asset quality.
- Improving profitability.
- Strengthening capital position.
- Expanding digital banking services.
- Growing its retail banking business.
The ratings are expected to support Canara Bank’s international presence and strengthen its position among global investors.
Canara Bank’s Focus on Growth and Digital Expansion
The bank is working towards enhancing customer experience through technology-driven banking solutions while maintaining financial stability.
With continued efforts in capital strengthening, risk management, and operational efficiency, Canara Bank aims to support sustainable growth in the competitive banking sector.
About Canara Bank
Canara Bank is one of India’s largest public sector banks, headquartered in Bengaluru, Karnataka. Established in 1906, the bank provides a wide range of financial services including retail banking, corporate banking, MSME lending, digital banking, and international banking solutions. With an extensive branch network across India and overseas operations, Canara Bank plays a key role in supporting financial inclusion and economic development.
