Indian Overseas Bank receives an upgrade in credit rating outlook from ICRA; reaffirms rating to ICRA A+

15 Mar 2022 , 01:41 PM

In a recent update, credit rating agency, ICRA Ltd., has reviewed the credit ratings assigned to the bank facilities of the Indian Overseas Bank Ltd worth Rs1600 crore.

The rating agency has assigned an ICRA A+ rating to the company’s Tier II Bonds (under Basel III) worth Rs1,100 crore. It has improved the outlook from Stable to Positive for the said instruments.

While company’s Tier II Bonds (Under Basel III) worth Rs500 crore were also assigned an ICRA A+ rating. It also improved the outlook to positive from the existing stable outlook.

Indian Overseas Bank was trading at Rs18, down by 0.55% against its previous closing of Rs18.10.