Punjab National Bank (PNB) today said Moody's Investors Service has upgraded Counterparty Risk Rating (CRR) to Baa3 from Ba1 following the bank's strong recovery and the government's continued support.
PNB has managed to surpass the total amount recovered in the last financial year in the first two months of this fiscal, PNB said in a statement.
By the time this quarter (April-June) ends, PNB expects to complete recovery of Rs 8,000 crore, it said.
The rating is an opinion about the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflects the expected financial losses in the event such liabilities are not honoured.