Credit Rating

Share Department, Board & Coordination Division, Head Office Plot No.4 Sector 10, Dwarka, New Delhi–110075, E-mail: hosd@pnb.bank.in Scrip Code : PNB Scrip Code : 532461 National Stock Exchange of India Limited BSE Limited “Exchange Plaza” Phiroze Jeejeebhoy Towers, Bandra – Kurla Complex, Bandra (E) Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Date: 18.09.2026 Dear Sir(s), Reg.: Rating action by Moody’s, Fitch and Care Edge Ratings The Exchange is hereby informed that credit rating agencies have assigned ratings on 17th September, 2026 to Euro Medium Term Note Programme of USD 1.50 Billion established by the Bank on 16th September 2026. The details are as under: Rating Agency Rating Moody’s Ratings Baa3 Fitch Rating BBB- Care Edge Ratings Care Edge BBB+/Stable CareEdge Ratings has also assigned a ‘CareEdge BBB+/Stable’ long-term foreign currency issuer rating to Punjab National Bank (PNB). A copy of the detailed rating rationales are enclosed. The above is submitted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015. Thanking you (Bikramjit Shom) Company Secretary pnb.bank.in Rating Action: Moody's Ratings assigns (P)Baa3 senior unsecured rating to Punjab National Bank's MTN program 17 Sep 2026 Singapore, September 17, 2026 -- Moody's Ratings (Moody's) has today assigned (P)Baa3 long-term foreign- and local-currency senior unsecured program ratings to the $1.5 billion medium-term note (MTN) program of Punjab National Bank's (PNB) and its International Financial Service Centre Banking Unit at GIFT City (Punjab National Bank, GIFT City Branch). At the same time, we have assigned long-term/short-term Counterparty Risk Assessment of Baa3(cr)/ P- 3(cr), and long-term/ short-term local- and foreign-currency Counterparty Risk Ratings of Baa3/ P-3 to PNB, Gift City Branch. The outlook on the rating, where applicable, is stable. RATINGS RATIONALE The (P)Baa3 senior unsecured rating on the MTN program are in line with PNB's Baa3 long-term foreign currency issuer rating and bank deposits rating. The senior notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will rank pari passu among themselves and equally with all other unsubordinated and unsecured obligations of PNB. PNB's ratings reflect the bank's stable operating environment and its standalone credit metrics, as well as our continued assumption of a very high support from the Government of India (Baa3 Stable) for the bank in times of need reflecting the bank's importance to the domestic banking industry and its close relationship with the government. The latter leads to a one-notch uplift to PNB's deposit ratings from its ba1 Baseline Credit Assessment (BCA). PNB's asset quality has improved in recent years due to a reduction in problem loans and an increase in loan loss coverage. We expect PNB's asset quality and profitability to remain stable over the next 12-18 months. The bank's funding and liquidity profiles remain key credit strengths, underpinned by its public- sector bank status and extensive branch network FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of PNB's Baa3 deposit ratings is unlikely because they are at the same level as India's Baa3 sovereign rating. We could upgrade PNB's BCA if its tangible common equity/ risk weighted assets (TCE/RWA) ratio improves to above 14% and its net income/tangible assets ratio increases to above 1.3% on a sustained basis, while other credit fundamentals remain unchanged. We could downgrade PNB's ratings if India's sovereign rating is downgraded or if there is a multi-notch downgrade of the bank's BCA. The BCA could be downgraded if the banks' loan growth accelerates to a level materially higher than system loan growth, posing risks to asset quality, or if the banks TCE/RWA ratio declines to below 10.5% or its net income/tangible assets ratio declines to below 0.5% on a sustained basis. The principal methodology used in these ratings was Banks published in November 2025 and available at https://ratings.moodys.com/rmc-documents/454566. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology. Punjab National Bank is headquartered in New Delhi and reported total assets of INR 20.39 trillion as of 30 June 2026. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions. For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions. For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating. For provisional ratings, the Credit Rating Announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process. These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. The Global Scale Credit Rating(s) discussed in this Credit Rating Announcement was(were) issued by one of Moody's affiliates outside the EU and UK and is(are) endorsed for use in the EU and UK in accordance with the EU and UK CRA Regulation. Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Devang Rajkotia AVP - Ratings Alka Anbarasu Exec Dir - Ratings Releasing Office: Moody's Investors Service Singapore Pte. Ltd. 71 Robinson Road #05-01/02 Singapore, 068895 Singapore JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 © 2026 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MOODY'S (COLLECTIVELY, "MATERIALS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR I [Showing first 8,000 characters — download PDF for full document]