Indian Overseas Bank announced that ICRA has assigned a rating of I [ICRA] A+ (hyb) (Negative)' for the proposed issue of Rs.300 crore Basel III Compliant Tier II Bonds.
The rating is identical with the rating outstanding on the Rs. 800 crore Basel III Compliant Tier II Bonds of the Bank.
The ratings consider the majority Government of India ownership and the demonstrated sovereign support through capital infusion over the past few years. ICRA also takes note of the Bank's established retail franchise supporting its good deposit base and adequate liquidity profile.
leRA has also withdrawn the rating of [ICRA] A+ on the Rs.300 crore lower Tier II Bonds and [ICRA] A- on the Rs. 655.30 crore Upper Tier II Bonds as these instruments have been redeemed in full with no amount outstanding against these instruments.
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