Moody's rates Indian Overseas Bank notes Baa3

Moody's Investors Service said it assigned a provisional Baa3 long-term rating to the dollar-denominated senior fixed-rate notes to be issued by Indian Overseas Bank through its Hong Kong branch.

The notes will be listed on the Singapore Stock Exchange under the terms described in the bank's $1 billion medium-term note program.

The debt issuance is rated at the same level as the bank's global local-currency deposit rating, unconstrained by the foreign-currency debt ceiling for India, the agency added.

Senior notes constitute direct, unconditional, unsubordinated and unsecured obligations of the bank and rank pari passu among themselves and equally with all other unsecured obligations, the agency said.

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