S&P affirms, withdraws Indian Overseas

S&P said it affirmed its credit ratings on Indian Overseas Bank, and then withdrew the ratings at the bank’s request.

S&P had affirmed the bank’s long-term issuer credit rating at BB and the short-term issuer credit rating at B.

“At the time of withdrawal, the rating outlook was stable and reflected our continued expectation of a very high likelihood of extraordinary government support for the bank through ongoing capital infusions,” S&P said in a news release.

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