Indian Overseas Bank announced that S&P Global Ratings has affirmed its 'BB' long term issuer rating and 'B' short term issuer credit rating of the Bank. The ratings have been subsequently withdrawn at the Bank's request.
With the redemption of the MTN program, the Bank has no further requirement for the rating.
At the time of withdrawal, the rating outlook was stable and reflected S&P's continued expectation of a very high likelihood of extraordinary government support for the Bank through ongoing capital infusion.
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