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S&P upgrades Irish bank ratings due to improving funding profile

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S&P upgrades Irish bank ratings due to improving funding profile

S&P Global Ratings on Dec. 17 took various ratings actions on Irish banks and their holding companies and revised its Irish banking industry risk score to 4 from 5.

The rating agency raised the long- and short-term issuer credit ratings of AIB Group PLC to BBB-/A-3 from BB+/B. The agency also lifted AIB's main operating bank Allied Irish Banks PLC's long-term issuer credit rating to BBB+ from BBB and affirmed its A-2 short-term issuer credit rating. AIB's U.K. subsidiary AIB Group (UK) PLC's long- and short-term issuer credit rating was upgraded to BBB/A-2 from BBB-/A-3. The outlook was revised to stable from positive.

S&P also upgraded the long- and short-term issuer credit rating of KBC Bank Ireland PLC to BBB/A-2 from BBB-/A-3, with the outlook changed to stable from positive.

The agency upgraded the long-term issuer credit rating of Permanent TSB Group Holdings PLC and its main operating bank Permanent TSB PLC to BB- from B+ and BB+ from BB, respectively. The agency also affirmed their short-term issuer credit ratings of B. The outlook was revised from positive to stable.

Additionally, the rating agency affirmed the respective BBB-/A-3 and BBB+/A-2 long- and short-term issuer credit rating of Bank of Ireland Group PLC and its main operating bank Bank of Ireland. The outlook remains positive.

Ulster Bank Ireland DAC's BBB+/A-2 long- and short-term issuer credit rating was also affirmed, with the outlook remaining positive.

The agency said the ratings actions reflect the Irish banking sector's improved funding profile, better access to wholesale funding and its proactive approach toward reducing nonperforming exposures.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.