July 07, 2006	Friday	Jumadi-ul-Sani 10, 1427

KARACHI, July 6: Union Bank’s long-term rating has been maintained at “AA-” (double A minus) and short-term rating at “A1+” (A one plus) by the Pakistan Credit Rating Agency (Pacra).

These ratings denote a very low expectation of credit risk and a very strong capacity for timely payment of financial commitments.

The ratings of unsecured, subordinated TFCs already issued (first TFC issue of Rs750 million, second TFC issue of Rs750 million and third TFC issue of Rs1 billion) have been maintained at “A+” (single A plus). These ratings denote high credit quality emanating from a strong capacity for timely payment of financial commitments. — Staff Reporter