UCO Bank’s bond rating upgraded to ‘AA/Stable’ by CARE Ratings

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:

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  • 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.