Moody’s and Fitch, on Monday, downgraded the debt rating of State Bank of India, Bank of Baroda (BoB) and Punjab National bank (PNB), citing worsening credit quality and recapitalisation concerns.

While Moody’s slashed SBI’s senior unsecured debt and local currency deposit rating by a notch to Baa3 from Baa2, citing asset quality and recapitalisation concerns, Fitch Ratings dowgraded the viability ratings of PNB and BoB by one notch to ‘bb+’ from ‘bbb-’ but retained their long-term issuer default ratings at ‘bbb-’. — PTI