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Moody's assigns long-term issuer rating to Permanent TSB Group

Moody's on Dec. 20 assigned Permanent TSB Group Holdings Plc a Caa1 long-term issuer rating with a positive outlook.

The rating is based on the consolidated loss-given failure analysis with the company's main operating company, Permanent TSB Plc.

While assigning the rating, Moody's said it assumes that in countries subject to the EU's Bank Recovery and Resolution Directive, such as Ireland, if a holding company forms part of the same resolution as the bank, holding company senior obligations benefit from the subordination of bank subordinated instruments, as well as holding company subordinated instruments.

Moody's also assigned a "low" government support probability to the issuer rating of Permanent TSB Group Holdings.