S&P affirms Indian Overseas Bank

Standard & Poor’s said it affirmed its BB+ long-term issuer credit rating on Indian Overseas Bank. The outlook is stable.

At the same time, S&P affirmed the B short-term rating and BB+ long-term issue rating on the bank.

“The rating affirmation reflects our expectation that a ‘very high’ likelihood of timely and sufficient extraordinary support from the government of India will help IOB withstand continuing weakness in operating performance,” said S&P credit analyst Amit Pandey in a news release.

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