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S&P rates Indian Overseas notes BBB-
Standard & Poor's said it assigned its BBB- issue rating to the proposed issue of senior unsecured notes by Indian Overseas Bank.
The bank will issue the notes under its existing multi-currency $1 billion medium-term notes program.
The agency said the rating on these notes reflects the long-term counterparty credit rating on the bank. The notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank. They shall at all times rank at par among themselves and with all other unsecured obligations of the bank.
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