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Friday, June 14, 2013

Crisil assigns AA+ rating for United Bank tier-II bonds

Rating agency Crisil today said it has assigned ‘AA+’ rating with a stable outlook to the proposed Rs 500 crore tier-II bonds issue of public sector lender United Bank of India.

As per the agency, this is the first tier-II capital instrument issued in the domestic market under the Basel III capital regulations.

“This showcases Crisil’s continued commitment towards making markets function better and enabling innovation in domestic debt markets. This also sets in motion the issuance of Basel III compliant capital instruments by domestic banks and is a critical step towards tapping bond markets for banks’ capital requirements,” Pawan Agarwal, Senior Director, Crisil said.

He said the rating action has taken into account the continuance of strong support from the government, the bank’s healthy resource profile and adequate capitalisation.

Source: thehindubusinessline


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