ICRA assigns LAA rating to Teir II bond prog of UCO Bank

New Delhi, July 27 (UNI) Credit rating agency ICRA has assigned an LAA rating to the Rs 275 crore tier II bonds programme of UCO Bank.

The rating takes into account the bank's 75 per cent Government holding, widespread branch network, the strong franchise in the north-eastern and northern part of India, improving core operating profitability and comfortable liquidity profile.

The ratings are constrained by the bank's relatively weaker capitalisation levels and higher NPA generation rate compared with peers, ability to maintain credit quality and the risks associated in the banks investment portfolio on account of further rise in interest rates.

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