Credit Rating Agency, India Ratings has downgraded rating of PNB Housing Finance’s Non-Convertible Debentures (NCDs) worth Rs 280 billion to ‘AA+/Stable’ from ‘AAA/RWN’. The NCDs include Rs 10 billion sub-limit for the subordinate debt programme.

PNB Housing Finance is a registered housing finance company with National Housing Bank (NHB). They provide housing loans to individuals and corporate bodies for construction, purchase, repair and up-gradation of houses.