United Bank Limited ’s Ratings Affirmed

Ref: PK 00 9 20 CRA00- 01 3 November 202 1

United Bank Limited ’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 F oreign Currency Rating (ST FCR) of United Bank Limited (UBL) at ‘B-’ and ‘B’, respectively. At the same time, CI Ratings has also affirmed UBL’s Bank Standalone Rating (BSR) of ‘b-’ and Core Financial Strength ( CFS) rating of ‘bb-’. The Outlook for the LT FCR and BSR remains Stable.

The Bank’s LT FCR is at the same level as the BSR and is constrained by CI’s internal assessment of sov ereign credit risk for Pakistan. T he Moderate Extraordinary Support Level ( ESL ) , therefore, does not result in any uplift for the Bank’s LT FCR. UBL has a strong market position in Pakistan as the country’s third largest bank, and a large…