JCR-VIS Credit Rating Company Limited has assigned a 'preliminary' medium to long term rating of 'AA-' (Double A Minus) with a 'stable' outlook to the proposed third issue of unsecured, subordinated, listed Term Finance Certificates (TFCs) of United Bank Limited (UBL).
"The preliminary rating of the issue has been assigned following a review of draft legal documents and will be finalised after examination of all signed legal documents," said an official statement received here on Tuesday.
It said that the issue amounting Rs2 billion with a tenor of eight years would contribute towards the bank's tier-II capital, adding that the annual surveillance of UBL's credit ratings is currently under way and would be concluded shortly.-PR
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