Standard & Poor's Ratings Services on Monday assigned its 'BBB-' issue rating to the proposed issue of senior unsecured notes by Indian Overseas Bank (IOB; BBB-/Negative/A-3).
The bank will issue the notes under its existing multi-currency US$1bn medium-term notes program. The rating on these notes reflects the long-term counterparty credit rating on IOB.
The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of IOB. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.
The rating on the notes is subject to our review of the final issuance documentation.