New Delhi: Union Bank of India has received a ‘BBB’ long-term issue rating from S&P Global Ratings for its proposed issuance of U.S. dollar-denominated senior unsecured notes through the bank’s Dubai International Financial Centre (DIFC) branch.
The rating was assigned on August 21, 2026, and supports Union Bank of India’s proposed access to international debt markets.
Key Details of the S&P Global Rating
The proposed debt issuance has received a BBB long-term issue rating from S&P Global Ratings.
Key details include:
- Issuer: Union Bank of India – DIFC Branch
- Rating Agency: S&P Global Ratings
- Issue Rating: BBB
- Instrument: Proposed U.S. dollar-denominated senior notes
- Security: Direct, unconditional, unsubordinated, unsecured and senior obligations
- Date of Rating: August 21, 2026
- Existing Issuer Credit Rating: BBB/Stable/A-2
The rating provides an external assessment of the credit quality of the proposed notes.
What Does the ‘BBB’ Rating Mean?
The BBB rating indicates that S&P Global Ratings considers the proposed notes to have adequate credit quality, subject to the risks reflected in its rating assessment.
The rating is based on the information reviewed by S&P Global Ratings regarding the proposed issuance.
However, the rating does not constitute a recommendation to buy, hold or sell the securities.
The final rating will also remain subject to the final documentation for the proposed issue not materially differing from the information reviewed by S&P Global Ratings.
Proposed US Dollar Notes to Support Overseas Funding
The proposed U.S. dollar-denominated senior unsecured notes are expected to provide Union Bank of India with another avenue to access foreign-currency funding through international debt markets.
The issuance through the bank’s DIFC branch represents an important step in strengthening its presence in overseas funding markets.
The external rating from S&P Global Ratings can also provide international investors with an independent assessment of the bank’s credit profile in connection with the proposed debt issuance.
Why the Rating Is Important for Union Bank of India
The development is significant for Union Bank of India as it seeks to diversify its funding sources and strengthen access to international capital markets.
The proposed notes could help the bank:
- Access international debt markets
- Raise foreign-currency funds
- Diversify funding sources
- Strengthen its presence in overseas markets
- Provide investors with an external credit assessment
The bank’s existing BBB/Stable/A-2 issuer credit rating provides additional context for its overall credit profile.
About Union Bank of India
Union Bank of India is one of India’s leading public sector banks, offering a wide range of banking and financial services to retail, corporate, MSME and institutional customers. The bank has a nationwide presence and also operates internationally through select overseas branches and offices.
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