Indian Overseas Bank receives upgrade in credit ratings

Indian Overseas Bank announced that ICRA has upgraded the rating of the Bank as under:

Tier II Bonds (Basel III), Series II (Rs 300 crore) - ICRA AA-/Stable (upgraded from ICRA A+/ Positive)

Tier II Bonds (Basel III), Series I (Rs 800 crore) - ICRA AA-/Stable (upgraded from ICRA A+/ Positive) *Withdrawn

*Basel III Tier II Bonds Series I of Rs 800 crore was redeemed on 03 November 2022 on account of exercise of call option and as there is no outstanding under the said bonds, the same has been withdrawn by the rating agency.

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