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Fitch revises outlook on Ulster Bank Ireland to positive from stable

Fitch Ratings on May 18 affirmed Ulster Bank Ireland DAC's long-term issuer default rating at BBB and revised the outlook on the rating to positive from stable, following a similar action on ultimate parent Royal Bank of Scotland Group PLC.

The rating agency also affirmed Ulster Bank Ireland's F2 short-term issuer default rating and 2 support rating.

Fitch said the outlook revision reflects its expectation that the unit's long-term issuer default rating, which is driven by institutional support from its owner, would be upgraded if the same rating of its parent is upgraded.