United Bank Limited – Ratings Downgraded

Ref: P K 0 0 9 2 2 CRA00- 01 6 October 202 3

United Bank Limited – Ratings Downgraded

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long- Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of United Bank Limited ( U BL) to ‘C+’ and ‘C’, respectively, from ‘B-’ and ‘B’. At the same time, CI Ratings has lowered U BL ’s Bank Standalone Rating ( BSR ) by one notch to ‘c’, from ‘b-’, and the Core Financial Strength ( CFS ) rating to ‘b + ’, from ‘b b- ’. The Extraordinary Support Level ( ESL) is maintained at Moderate. The Outlook for the LT FCR and BSR has been revised to Stable from Negative.

The lowering of UBL’s LT FCR and ST FCR reflects the downward adjustment of CI’s internal assessment of Pakistan’s sovereign credit risk. The revision is primarily driven by…