S&P rates Union Bank of India notes BBB-

Standard & Poor's said it assigned Union Bank of India's (BBB-/stable/A-3) proposed senior notes issue under the bank's existing $2 billion of medium-term notes a BBB- issue rating.

Proceeds will be used for the bank's overseas operations or such other activities as permitted.

The proposed notes will be issued from the bank's Hong Kong branch; constitute direct, unconditional, unsecured and unsubordinated obligations of the bank; and rank pari passu with all of the bank's unsecured and unsubordinated obligations, S&P said.

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