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.