CARE downgrades United Western Bk bonds

Credit Analysis and Research (CARE) has downgraded the rating assigned to tier-II bond issues of Rs 55 crore and Rs 79.70 crore of United Western Bank.

According to a release issued to the BSE today, the rating has been downgraded from A- to BBB+.

"The bank will be making a representation to the agency for reviewing the rating assigned," the release said.

Meanwhile, the board of directors, at their meeting on December 29, 2004, decided to raise tier-I capital after exploring various options.