United Bank Limited – CFS Lowered; Other Ratings Affirmed

Ref: P K 0 0 9 2 3 CRA00- 01 4 October 202 4

United Bank Limited – CFS Lowered; Other Ratings Affirmed

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has lowered the Core Financial Strength ( CFS) rating of United Bank Limited (UBL) to ‘b’ from ‘b+’. At the same time, CI Ratings has affirmed UBL’s Long-Term Foreign Currency Rating ( LT FCR ) of ‘C+’, Short-Term Foreign Currency Rating ( ST FCR ) of ‘C’, Bank Standalone Rating ( BSR ) of ‘c’ and Extraordinary Support Level ( ESL) of Moderate . The Outlook for all ratings is Stable.

The lowering of UBL’s CFS reflects the significant rise in its exposure to Pakistan government securities over the past year; Pakistan sovereign securities represented three-quarters of total assets at H1 24. H ence the Bank’s credit profile is closely correlated to that of the sovereign. UBL’s exposure to the…