ICRA attributed LAA+ rating to IOB

New Delhi, July 26 (UNI) Credit rating agency today assigned LAA+ rating to the proposed Rs 6 billion subordinated bond programme of Indian Overseas Bank (IOB).

Meanwhile, the agency also attributed LAA rating to the proposed Rs 1 billion perpetual bond programme of IOB, reflecting the specific features of the instruments.

IOB's ratings show its consistent and measured growth maintained in credit over the past several years.

The ratings also draw comfort from IOB's domestic retail deposit base, serviced by the bank's widespread branch network, its adequate capitalisation.

IOB's ratings factor the challenge it faces in terms of growing its retail advances portfolio without impacting overall asset quality.

UNI SBA RA PM1947