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.
