UCO Bank has announced an upgrade in its long-term rating on Basel III Tier II Bonds to ‘AA/Stable’ from the earlier ‘AA-/Positive’ by CARE Ratings Ltd. The upgrade reflects the bank’s improved financial metrics and strong outlook.
Key Details of the Rating Action:
- ISIN: INE691A08088
- Rating Agency: CARE Ratings Ltd.
- New Credit Rating: ‘AA/Stable’
- Rated Amount: ₹500 crore
- Rating Action: Upgrade
- Date of Rating: January 14, 2025
The upgraded rating underscores UCO Bank’s robust performance and sound financial management, highlighting its ability to meet long-term financial commitments. The bank’s Basel III Tier II Bonds now carry a stable outlook, reaffirming its credibility and growth potential.
Verification:
The rating has been verified and detailed by CARE Ratings Ltd., with the rationale available through their official communication dated January 14, 2025.
Management’s Statement:
The submission was made in accordance with SEBI’s Listing Obligations and Disclosure Requirements, 2015. The upgrade in ratings is expected to bolster investor confidence and enhance the bank’s market standing.
