Pacra upgrades Union Bank rating

Pacra has upgraded long-term rating of Union Bank Limited to "AA+" (Double A plus), while maintaining its short-term rating at "A1+" (A one plus). The bank's three listed, subordinated TFCs are assigned ratings of "AA" (Double A).
These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. The rating action follows the acquisition of majority shareholding (95 percent) in Union Bank by Standard Chartered Bank (Pakistan) Limited (SCBP).
SCBP is a wholly owned subsidiary of Standard Chartered PLC, the parent of Standard Chartered Bank (SCB), which carries international long-term rating of "A+" by Standard & Poor's.-PR