Credit rating agency, CARE has revised rating of Bank of India‘s Upper Tier II Bonds (under Basel II) worth Rs 3000 crore to ‘AA+’ from ‘AAA’. The rating agency has also revised rating of the bank’s Perpetual Bonds (under Basel II) worth Rs 700 crore to ‘AA+’ from ‘AAA’.
CARE has rated the aforesaid Upper Tier II Bonds & Perpetual Bonds after taking into consideration their increased sensitiveness to the Bank’s Capital Adequacy Ratio (CAR), capital raising ability and profitability during the long tenure of the instruments.
Bank of India (BOI) is a premier nationalized bank. BOI is one of the five largest public sector banks in India, with GOI holding 64.43% as on June 30, 2015. The bank has an asset size of Rs6, 15,013 crore along with a pan India network of 4,892 branches and 6,771 ATMs as on March 31, 2015.
