Moody’s upgrades BoB, Canara Bank and PNB

Months after investors re-rated state-run bank stocks, rating company Moody's upgraded credit ratings of three state owned banks - Bank of Baroda, Canara Bank and Punjab National Bank -- by two notches to Baa3. Public sector banks which were the best performers in 2022 as a group, could get a leg up with the rating upgrade as well even as the loans given to small and medium-size enterprises continue to pose risks to the banks' otherwise improving asset quality.