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Published on 1/30/2008 in the Prospect News Emerging Markets Daily.

Fitch ups Indian Overseas Bank to C/D

Fitch Ratings said it upgraded Indian Overseas Bank's individual rating to C/D from D/E. The support rating is affirmed at 3.

The upgrade reflects the bank's improved asset quality and stable capital ratios in recent years, Fitch said. The ratings also consider its moderately large size among Indian banks. It is the 12th largest banks in terms of assets, the agency said.


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