JCR-VIS Credit Rating Company Limited has placed the ratings of Union Bank Limited's second and third issue of subordinated, unsecured Term Finance Certificates (TFCs) rated 'A' (Single A) on 'Rating Watch'.
"This action takes into account the proposed acquisition of 66 percent shares of UNBL by Standard Chartered Bank and is in line with the standard rating procedure at JCR-VIS," said an official statement on Wednesday. JCR-VIS believes that finalisation of this acquisition is likely to have a positive impact on assigned ratings, added the statement.