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Moody's changes outlook on Ireland's EAA Covered Bond Bank

Moody's on March 25 confirmed Ireland-based EAA Covered Bond Bank PLC's backed long- and short-term deposit ratings at Aa1/Prime-1 and changed the outlook on the long-term ratings to negative from ratings under review.

The ratings action concludes the review for downgrade initiated in April 2017, after German parent Erste Abwicklungsanstalt signed a sale of the the specialized Irish lender in the first quarter of 2017.

Moody's said the confirmation reflects that the regulatory approvals for EAA Covered Bond Bank's sale remain pending, and thus the guarantee provided by its parent is still valid.

The negative outlook, meanwhile, reflects the agency's view that the said guarantee will become void if the lender's sale is completed.