Union Bank of India gets ratings assigned for proposed Tier 1 Perpetual Bonds issue

From CRISIL

Union Bank of India announced that the Bank intends to raise capital funds through issuance of Additional Tier 1 Bonds.

In this regard, CRISIL Ratings has assigned "CRISIL AA (CRISIL Double A)" rating to the Bank's proposed Basel III Compliant Tier 1 Perpetual Bonds of Rs. 2000 crore. The outlook assigned is negative.

CRISIL has also revised its rating outlook on the long-term debt instruments to 'Negative' from 'Stable' and reaffirmed the ratings at 'CRISIL AAA' and reaffirmed its ratings on the Bank's Certificates of Deposit programme at 'CRISIL A1+'.

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