ICRA retains LAA+ rating for SB prog of IOB

New Delhi, July 5 (UNI) Credit rating agency ICRA has retained the LAA+ rating for the Subordinated Bond (SB) programmes of Indian Overseas Bank (IOB).

Indicating the rating as high credit quality, ICRA has also retained the LAA rating for perpetual bond programmes of IOB.

The one notch lower rating assigned to the perpetual bonds reflects the specific features of these instruments wherein the debt servicing is additionally linked to meeting the regulatory norms on capitalisation and reported profitability.

IOB, one of the largest commercial banks in the country is having a 61 per cent ownership by the Government of India (GoI), with an asset base of Rs 59200 crore.

UNI DKS RA PC1756