India Ratings & Research upgrades Indian Overseas Bank's Long-term Issuer Rating to IND AA+/Stable

Indian Overseas Bank announced rating actions from India Ratings & Research and India Ratings & Research Limited, with India Ratings & Research upgrading the Long-term Issuer Rating to IND AA+/Stable, pursuant to Regulation 30(6) and Regulation 55, and also upgrading Non-Convertible Debt Securities (Basel III Tier II Bonds) to INDAA+/Stable; India Ratings and Research upgraded Basel III Tier 2 bonds with an amount of 6.65, ISIN INE565A08043, coupon rate of 8.60%, and maturity date of March 31, 2032, and Basel III Tier 2 bonds with an amount of 5, ISIN INE565A08035, coupon rate of 9.08%, and maturity date of September 24, 2029, alongside upgrading the Issuer Rating, while India Ratings upgraded the Long-Term Issuer Rating to IND AA+/Stable and also upgraded the instrument INE565A08043 (Basel III Tier II Bonds) to AA+ with a Stable outlook.