S&P rates Union Bank of India notes BBB-

Standard & Poor's said it assigned a BBB- issue rating to the senior unsecured notes to be issued by Union Bank of India under the bank's existing $2 billion medium-term notes program. The proposed issue will have neither a call option, nor a put option, nor step-up in pricing.

The proceeds will be used to fund the bank's international operations, S&P said, and for general corporate purposes in India, subject to regulatory approval.

The proposed senior notes will constitute direct, unconditional, unsecured and unsubordinated obligations of the bank, the agency said, and rank pari passu with all other unsecured obligations.

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