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ICRA revises rating of Indian Overseas Bank’s Lower Tier II Bonds to ‘AA’

18 Dec 2013 Evaluate

Credit rating agency, ICRA has revised the ratings assigned to bonds of Indian Overseas Bank (IOB). The Lower Tier II Bonds amounting Rs 2,640 crore (under Basel II) has been revised to ‘AA’from ‘AA+’ and the outlook to stable from negative.

The credit rating agency has revised the Upper Tier II Bonds amounting Rs 2,632.30 crore (under Basel II) to ‘AA-‘ from ‘AA’ and the outlook to stable from negative.

Besides, the ratings on Perpetual Bonds amounting Rs 780 crore has been revised to ‘AA -‘ from ‘AA’ and the outlook to stable from negative.

Peers
Company Name CMP
State Bank Of India 945.10
PNB 121.00
Bank Of Baroda 233.00
Canara Bank 118.20
Union Bank Of India 184.00
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