Union B ank of India – CFS Raised, Other Ratings Affirmed
Content is restricted
Summary
Ref: IN017 2 2 CRA 00- 0 1 10 March 202 3
Union B ank of India – CFS Raised, Other Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised the Core Financial Strength (CFS) rating of Union Bank of India (UBI) to ‘bb-’ from ‘b+’. At the same time, CI Ratings has affirmed UBI’s Long-Term Foreign Currency Rating (LT FCR) of ‘BB+’, Short-Term Foreign Currency Rating (ST FCR) of ‘B’, Bank Standalone Rating (BSR) of ‘bb-’ and Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and BSR is Stable.
The upward revision of the CFS is underpinned by the continuing improvement in profitability and as set quality which we believe is sustainable. Better underwriting standards have improved credit quality, while structural reforms – including a bankruptcy law and the establishment of asset resolution companies – have helped…