Union Bank of India – Ratings Affirmed

6 March 2026

Capital Intelligence Ratings (CI Ratings or CI) today announced that it affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Union Bank of India (UBI) at ‘BBB-’ and ‘A3’ respectively.  At the same time, CI Ratings has affirmed UBI’s Bank Standalone Rating (BSR) of ‘bb’; Core Financial Strength (CFS) of ‘bb’ and the Extraordinary Support Level (ESL) of High. The Outlook for the LT FCR and the BSR is Stable.

The Bank’s LT FCR is set two notches above its BSR, in view of the high likelihood of extraordinary support from the government, which is a majority shareholder, in case of need. The High ESL is supported by the Bank’s large size, with total assets of USD167bn in H1 FY26 (the year ends on 31 March 2026), good domestic presence and the government’s track record of helping banks in need.

The BSR is derived from a CFS rating of ‘bb’ and an OPERA of ‘bbb-’. The latter was…