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Moody's upgrades Bank of Ireland UK's deposit ratings

Moody's on Oct. 11 upgraded 's long-termdeposit ratings to Ba1 from Ba2.

The rating agency also upgraded the firm's baseline andadjusted baseline credit assessments to "ba1" from "ba2,"reflecting the high level of integration of its operations with its parent,Bank of Ireland. Thelatter's ratings were upgraded by Moody's on Sept. 19, prompted by improvingcredit conditions in Ireland's banking system.

Moody's also upgraded Bank of Ireland (UK) Plc's long-termcounterparty risk assessment to Baa1(cr) from Baa2(cr) and affirmed itsshort-term deposit ratings at Not-Prime and its short-term counterparty riskassessment at Prime-2(cr). Its baseline and adjusted baseline creditassessments, deposit ratings and counterparty risk assessment are on review forfurther upgrade.