United Bank Limited – Ratings Affirmed

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

UBL’s LT FCR and BSR are constrained by CI’s internal assessment of sovereign credit risk for Pakistan. The Bank has one of the leading franchises in Pakistan and ranked first in terms of assets in Q1 25.

The ESL is assessed as moderate. This balances the capacity of the weak financial sovereign to provide support against the high likelihood of the Bank receiving extraordinary support from the authorities given its position as the largest bank in the country and its classification as a…