Moody's upgrades PNB's outlook to 'positive' from 'stable'

Global rating agency Moody's on Wednesday upgraded the outlook on Punjab National Bank (PNB), which will merge OBC and United Bank of India with itself, to 'positive' from 'stable'.

It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3.

In a release, Moody's Investors Service also said it has affirmed the local and foreign currency deposit ratings of PNB at Ba1/NP, and affirmed the bank's baseline credit assessments (BCAs).

"The outlooks on Canara Bank, OBC, Syndicate Bank and Union Bank are maintained at stable.

"Moody's has changed the outlook on PNB to positive