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Fitch upgrades Ulster Bank Ireland

Fitch Ratings on Dec. 19 upgraded the long- and short-term issuer default ratings of Ulster Bank Ireland DAC to A-/F1 from BBB/F2, with a stable outlook on the long-term rating.

The rating agency also raised the lender's support rating to 1 from 2, while its "bb" viability rating was unaffected.

Fitch noted that the upgrade follows a similar action on Ulster Bank's ultimate parent, U.K.-based Royal Bank of Scotland Group PLC. The agency added that the bank's ratings are driven by potential institutional support from the group and reflect its expectation of an extremely higher probability of support from RBS if needed.