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S&P lowers Union Bank of India
S&P said it lowered the long-term issuer credit rating on Union Bank of India to BB+ from BBB-.
The agency also said it lowered the short-term issuer credit rating on the bank to B from A-3, along with the long-term issue ratings on its senior unsecured notes to BB+ from BBB-.
The outlook is stable.
The agency also said it expects the bank's asset quality to remain weak over the next 12 months, following a deterioration over the past few quarters.
S&P also said it lowered the assessment of the bank's stand-alone credit profile to BB from BB+.
The agency said there still is a very high likelihood that the government of India will continue to provide timely and sufficient extraordinary support to the bank as it plays a very important government role.
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