INDIA RATINGS UPGRADES IOB TO AA+/STABLE

• India Ratings & Research has upgraded Indian Overseas Bank (IOB) Issuer Rating to ‘IND AA+' from 'IND AA', with a Stable Outlook. • The bank's Non-Convertible Debt Securities and Long-term Issuer Rating have been upgraded. • Basel III Tier 2 Bonds rating upgraded to IND AA+/Stable. • Issuer Rating upgraded to IND AA+/Stable. • Upgrade reflects IOB's sustained strengthening of its credit profile, improved asset quality, stronger core profitability and comfortable capital buffers. • Factors in continued support from the government of India (Gol), which holds a 92.44% stake in IOB.

Indian Overseas Bank

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