Syndicate Bank Ratings Discontinued On Amalgamation With Canara Bank

SINGAPORE (S&P Global Ratings) April 7, 2020--S&P Global Ratings said today that it discontinued its 'BB+' long-term and 'B' short-term issuer credit ratings on Syndicate Bank as well as its 'BB+' long-term issue rating on the bank's senior unsecured debt, given Syndicate's amalgamation with Canara Bank (unrated). The surviving entity is Canara Bank.
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A:AI rating scale, which ranges from a maximum Aaa to a minimum C, consists of 21 notches and two categories: Investment category for the financially sound companies and Speculative category for the companies with a higher risk of defaulting.
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