Fitch places PNB's viability on 'Rating Watch Negative'

Global rating agency Fitch on Tuesday placed PNB's Viability Rating on 'Rating Watch Negative' following the $1.77-billion fraud detection. The move reflects possible downgrade of the bank's Viability Rating, which measures the likelihood of the bank to fail. Fitch said the fraud raised questions on the bank management's quality of supervision considering that it went undetected for several years.