Money & Banking

Moody’s withdraws ratings of Indian Overseas Bank

Our Bureau Chennai | Updated on March 25, 2021

PSU lender Indian Overseas Bank (IOB) said it requested Moody’s investor service in February to withdraw ratings as it has no fund raise plans through Medium Term Notes (MTN) programme.

Based on bank’s request, Moody’s Investor Service published its rating action for withdrawal of ratings of IOB, said a statement.

IOB utilising the services of Moody’s for international rating as it was necessary for the Bank at the time of issuance of MTN bonds amounting to $1 billion which was raised in Singapore and Hong Kong in two tranches of $500 million each in 2011 and 2012.

At the time of floating MTNs, Bank entered into Rating agreement with Moody’s Investors Services and had opted for Bank deposit and financial strength rating (BFSR) and MTN programme rating.

Bank had redeemed the MTN in two tranches of $500 million each on October 19, 2016 and February 21, 2018.

Published on March 25, 2021

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