CHENNAI, July 10: M/s CRISIL Limited, while reaffirming the ratings on the existing
debt instruments, on Wednesday assigned its rating of ‘CRISIL A+/Stable’ for the IOB’s proposed issue of Rs 500 crore Tier II Bonds (under Basel III) for which the bank will be approaching the markets shortly.
The Bank had earlier obtained the approval of the Board for raising up to Rs 1500 crore of Basel III Compliant Tier II Bonds during 2019-20 in tranches at an appropriate time to shore up Tier II capital, a bank release here said.
CRISIL has also withdrawn its rating on the Lower Tier II bonds (under Basel II) aggregating Rs 300 crore and Upper Tier II bonds (under Basel II) aggregating Rs 655.30 crore as the
outstanding against these is Nil.
(UNI)
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