Union B ank of India – LT FCR Raised and Outlook Revised to Stable

Ref: IN017 21 CRA 00- 0 1 11 March 202 2

Union B ank of India – LT FCR Raised and Outlook Revised to Stable

Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has raised the Long-Term Foreign Currency Rating (LT FCR) of Union Bank of India (UBI) to ‘BB+’ from ’BB’, the Bank Standalone Rating (BSR) to ‘bb-’ from ‘b+’ and the Core Financial Strength (CFS) to ‘b+’ from ‘b’. The Outlook for the LT FCR has been re vised to Stable from Negative. At the same ti me, CI Ratings has affirmed UBI’s Short-Term Foreign Currency Rating (ST FCR) at ‘B’ and Extraordinary Support Level (ESL) of High . The BSR Outlook remains Stable.

The upward revision of the LT FCR, BSR and CFS reflects the overall improvement in the Bank’s key financial fundamentals, particularly the gradually rising operating profitability, strengthening asset quality, and better capital ratios…