Moody's changes the Ratings of Indian Banks and Financial Institutions
Moody's has upgraded the financial strength rating (FSR) of Central Bank of India (CBI) to E+ from E. The upgrade reflects the consistent improvement in the bank’s core profitability and asset quality in recent years. Moody’s notes that these two factors, which were formerly somewhat weak, had been the main drivers exerting negative pressure on the bank’s FSR. The large volume of non-performing loans (NPLs) had, in the past, threatened the bank’s solvency. The revised FSR takes into account the increasing recurring earnings and enhanced bottom-line profitability that CBI has demonstrated over the last few years, but also the somewhat weak capital base of the bank and its still relatively high level of NPLs. CBI’s new rating has a stable outlook.
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