ICRA assigns A1+ to Rs 200 crore CD prog of UBI

New Delhi, May 11 (UNI) Credit agency ICRA has assigned an A1+ rating to the Rs 200 crore Certificates of Deposit (CD) programme of Union Bank of India (UBI).

The rating indicates the highest credit quality and lowest credit risk in the short term.

UBI's improving core operating profitability, its satisfactory capitalisation and liquidity have been taken into account by the credit rating agency.

The rating also factors in the relatively lower, though growing fee based income, moderate asset quality and the bank's need to raise capital for meeting its growth plans.

The significant position in the Indian financial system and the Government's majority ownership in the bank also support the rating.

UNI CS PV DS1437