Moody's Rating Outlook Upgrade
February, Chennai: Moody's Investors Service, Singapore has upgraded the Rating Outlook on Indian Overseas Bank, a leading public sector bank in Southern India from 'Stable' to 'Positive' while affirming their ratings and their Hong Kong Branch.
The Outlook upgrade showcases the positive outlook and reflects Moody's view on the expected evolution of the Bank’s Balance Sheet, including stabilization in asset quality, a moderate improvement in profitability metrics, and stable funding and liquidity position.
The positive outlook reflects the upward pressure that could develop on the Bank's long term ratings, if credit fundamentals of the Bank - namely capital position continue to improve over the next 12-18 months due to capital infusion from the Indian Government.
Commenting on the recent upgrade in Rating Outlook, Mr. R Subramaniakumar, MD & CEO, Indian Overseas Bank said, "We are very pleased to receive an upgrade in Rating Outlook from Moody's Investor Service, Singapore. The Bank has made a significant improvement-- a development that can be observed from the results of various actions taken by us. We are continuously working positively to improve the Bank's overall performance. Moody's overall upgrade on India reaffirms the positive perception of India and expectations of continued progress on economic and institutional reforms. ".