Canara Bank – LT FCR Outlook Revised to Stable from Negative

Ref: IN005 2 1 CRA 00- 0 1 17 March 202 2

Canara Bank – LT FCR Outlook Revised to Stable from Negative

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has revised the Outlook for Canara Bank’s (CB) Long-Term Foreign Currency Rating (LT FCR) to Stable from Negative. At the same t ime, CI Ratings has affirmed CB’s LT FCR and Short-Term Foreign Currency Rating (ST FCR) at ‘BB+’ and ‘B ’, respectively , the Bank Standalone Rating (BSR) at ‘ bb – ’, the Core Financial Strength (CFS) rating at ‘ bb – ’ and the Extraordinary Support Level (ESL) at High . The Outlook for the BSR is Stable.

The change in the LT FCR Outlook reflects our view that the Bank was less adversely impacted by the Covid crisis than expected. Its financial fundamentals strengthened during this difficult phase and key metrics are likely to be maintained if not improved further. The change in…