Union B ank of India – FCRs , BSR and CFS Raised

Ref: IN017 2 3 CRA 00- 0 1 8 March 202 4

Union B ank of India – FCRs , BSR and CFS Raised

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised the Long-term Foreign Currency Rating (LT FCR) and Short-term Foreign Currency Rating (ST FCR) of Union Bank of India (UBI) to ‘BBB-’ and ‘A3’, respectively, from ‘BB+’ and ‘B’ . At the same time, CI Ratings has raise d UBI’s Bank Standalone Rating (BSR) to ‘bb’ from ‘bb-’ and the Core Financial Strength (CFS) rating to ‘bb’ from ‘bb-’. The Extraordinary Support Level (ESL) of High is affirmed . T he Outlook for the LT FCR and the BSR remains Stable .

The upward revision of the FCR s is due to a one notch increase in the BSR and CFS − which is underpinned by the continuing improvement in asset quality, profitability and capital ratios − as well as a one notch increase in the Operating…