Union B ank of India’s Ratings Affirmed
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Ref: IN017 20 CRA 00- 0 1 11 March 2021
Union B ank of India’s Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI ) today announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Union Bank of India (UBI ) at ‘BB ’ and ‘B ’, respectively. At the same time , CI Ratings has affirmed UBI’s Bank Standalone Rating (BSR) of ‘ b+ ’, Core Financial Strength (CFS) rating of ‘ b ’ and E xtraordinary S upport L evel (ESL) of High . The Outlook for the LT FCR remains Negative, in line with CI’s internal assessment of India’s sovereign risk. The Outlook for the BSR is Stable.
The Bank’s LT FCR is set two notches above the BSR to reflect the high likelihood of extraordinary support from the government , a majority shareholder, in case of need. The government’s moderate creditworthiness…