S&P affirms IOB's ratings, keeps outlook stable

MUMBAI: International rating agency S&P Global Monday affirmed credit rating of state-run Indian Overseas Bank (IOB) at 'BB' and 'B' on expectation of government's capital infusion. The lender's outlook has also been kept stable. The bank breached its regulatory capital requirements after a loss in the third quarter of FY19. Its tier-I capital ratio was 6.95 percent below the minimum regulatory requirement of 7 per cent.