Union Bank of India Fitch rating: The state-owned lender informed exchanges in a BSE filing on August 21, 2026, that Fitch Ratings had assigned an expected long-term issue rating of BBB-(EXP) to proposed US dollar-denominated senior unsecured notes.

The notes are proposed to be issued by Union Bank of India’s Dubai International Financial Centre branch. Fitch has rated the instruments at the same level as the bank’s Long-Term Issuer Default Rating of BBB-/Stable.

The bank submitted the disclosure under Regulation 30 and Regulation 55 of the SEBI Listing Obligations and Disclosure Requirements Regulations, along with the applicable provisions of Schedule III.

Proposed notes to rank as senior unsecured obligations

According to the filing and Fitch’s rating commentary, the proposed notes will constitute direct, unconditional, unsubordinated and unsecured obligations of Union Bank of India. They will rank equally among themselves and with the bank’s other unsubordinated and unsecured obligations.

  • Issuer branch: Dubai International Financial Centre branch
  • Instrument: US dollar-denominated senior unsecured notes
  • Expected long-term rating: BBB-(EXP)
  • Bank’s Long-Term Issuer Default Rating: BBB-/Stable

Fitch said the final rating remains contingent on receiving final documents that conform to the information it has already reviewed. The rating agency also assigned an expected senior unsecured long-term rating on its government-support-excluded scale of BB(xgs)(EXP), in line with the bank’s Long-Term IDR on that scale.

Rating linked to bank and sovereign credit profile

Fitch said the senior unsecured instruments were rated at the same level as Union Bank of India’s Long-Term IDR, in accordance with its criteria. The agency linked the bank’s Long-Term IDR and Government Support Rating to India’s sovereign rating of BBB-/Stable.

Its assessment reflects a high probability of extraordinary state support, taking into account the government’s 75% ownership, the bank’s size and pan-India franchise, and the state’s propensity to support the banking system. The Stable Outlook on the bank’s IDR mirrors the outlook on the sovereign rating.

Fitch stated that a downgrade or upgrade of Union Bank of India’s IDR would lead to a corresponding change in the expected rating on the proposed notes. The bank’s disclosure was signed by Company Secretary Ashish Mishra and filed under BSE scrip code 532477 and NSE symbol UNIONBANK.

Source: BSE corporate announcement.