Fitch Ratings has confirmed its existing credit ratings for Canara Bank’s US$3,000,000,000 Medium Term Note Programme. The senior unsecured long-term rating remains ‘BBB-‘, with a rating of ‘BB(xgs)’ for the ‘xgs’ designation. This confirmation follows an update to the programme’s documentation and assures investors that the ratings are not negatively impacted by recent financial statement updates.
Fitch Ratings Confirms Creditworthiness
Canara Bank has received a rating confirmation from Fitch Ratings for its US$3,000,000,000 Medium Term Note Programme. The confirmation, dated September 17, 2026, reassures stakeholders of the bank’s financial standing regarding this significant offshore funding instrument.
Key Ratings Maintained
Fitch Ratings has affirmed the following ratings:
- Senior Unsecured Long-Term Rating: ‘BBB-‘
- Senior Unsecured Long-Term Rating (xgs): ‘BB(xgs)’
This confirmation is a result of an update to the programme, and Fitch has determined that this update will not lead to a withdrawal or downgrade of the existing ratings. The ratings are specifically for the programme and do not guarantee ratings for individual notes issued under it.
Scope of Confirmation
The rating confirmation specifically addresses the impact of the programme update in conjunction with Canara Bank’s financial statements for the three months ended June 30, 2026, and for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. Fitch clarifies that this confirmation does not extend to whether the programme update is in the best interest of the instrument holders or addresses the adequacy of market price or suitability for specific investors.
Source: BSE
