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S&P revises outlook on Permanent TSB Group, unit

S&P Global Ratings on Aug. 3 revised the outlook on Permanent TSB Group Holdings Plc and Permanent TSB Plc to positive from stable.

The rating agency affirmed the long- and short-term counterparty credit ratings of Permanent TSB Group Holdings and Permanent TSB at B+/B and BB/B, respectively.

S&P noted the bank's "enhanced focus" on cutting its stock of nonperforming assets, saying this and a supportive Irish economic environment would help gradually improve the bank's credit profile and balance sheet metrics. Both companies could be upgraded should they bring NPAs closer to the levels of domestic and international peers while maintaining their capitalization at levels justifying a "strong" assessment.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.