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S&P cuts Indian Overseas Bank to junk
Standard & Poor’s said it lowered its long-term issuer credit rating on Indian Overseas Bank to BB+ from BBB-. The outlook is stable.
At the same time, S&P lowered the short-term rating on the bank to B from A-3 and lowered the issue ratings on the bank’s senior unsecured debt to BB+ from BBB-.
S&P said it downgraded the bank following a recent deterioration in the bank’s asset quality and S&P’s expectation that it will remain weak over the next 12 months.
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