Canara Bank – FCRs and BSR Raised

Ref: IN005 2 3 CRA 00- 0 1 8 March 202 4

Canara Bank – FCRs and BSR Raised

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Canara Bank (CB) to ‘BBB-’ and ‘A3’ , respectively , from ‘BB+’ and ‘B ’ , and the Bank Standalone Rating (BSR) to ‘bb’ from ‘bb-’ . At the same time, CI Ratings has affirmed CB’s C ore Financial Strength (CFS) rating of ‘ bb – ’ and the Extraordinary Support Level (ESL) of High . The Outlook for the LT FCR and BSR remains Stable .

The upward revision of the FCRs is due to a one-notch increase in the BSR which is , in turn, related to a one-notch increase in CI’s Operating Environment Risk Anchor (OPERA) assessment . T he latter reflects the strengthening credit environment in India. The…