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(21 Jun 2024, 13:15)

S&P Global revises rating outlook of Union Bank of India to 'positive’

Union Bank of India said that S&P Global Ratings revised its rating outlook on the bank’s credit rating to 'positive’ from 'stable’ while reaffirming the long-term and short-term ratings at 'BBB-' and 'A-3', respectively.

S&P Global Ratings stated: "The outlook revision reflects our view of a one-in-three possibility of an upgrade of the bank over the next 12-24 months. This could happen if Union Bank's risk-adjusted capital (RAC) ratio improves to sustainably above 7% and we raise the sovereign credit rating on India (BBB-/Positive/A-3).

In our view, Union Bank's announcement on June 12, 2024, that it will raise INR 60 billion common equity, together with lower risk weights in the event of an upgrade of India, could keep the bank's RAC ratio at about 7%, our threshold for an adequate assessment for capital and earnings. The fund raising is in addition to the bank's INR 80 billion qualified institutional placement in fiscal 2024 (ended March 31, 2024).

In our view, Union Bank's latest fundraising...

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