Corporation Bank announced that India Ratings and Research has reviewed the credit ratings of the Bank's debt instruments as below -
Issuer Rating - IND AA-/RWE (Placed on Rating Watch Evolving)
Basel III Complaint Tier II Bonds (Rs 500 crore)- IND AA-/RWE (Placed on Rating Watch Evolving)
Basel III Complaint Tier - II Bonds* (Rs 1000 crore) - IND AA-/RWE (Placed on Rating Watch Evolving)
* Yet to be raised
India Ratings and Research has placed the ratings on RWE following the finance ministry's announcement dated 30 August 2019 on the proposed amalgamation of Union Bank of India with Andhra Bank and Corporation Bank.
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