S&P lifts Indian Overseas Bank outlook to positive

Standard & Poor's said it revised the outlook on Indian Overseas Bank (IOB) to positive from stable.

At the same time, the agency said it affirmed the BB+/B counterparty credit ratings on the bank following the outlook revision on the sovereign credit ratings on India (BB+/positive/B) to positive from stable.

S&P noted that the positive outlook on IOB reflects its improving stand-alone profile against the backdrop of a stronger operating environment.

The bank's stand-alone profile has been partly strengthened by the better quality of its assets, given the improved quality of the government bonds as implied by the positive outlook on the Indian sovereign, the agency added, noting that the ratings on IOB reflect the benefits arising from its majority government ownership, its moderate though improving asset quality, comfortable liquidity, capitalization and adequate profitability.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.