S&P Global Ratings on Dec. 21 assigned B/B long- and short-term counterparty credit ratings to Permanent TSB Group Holdings Plc, with a stable outlook.

The ratings are based on S&P's view of the group's creditworthiness, constrained by the structural subordination of Permanent TSB Group's creditors. The ratings do not benefit from any external support, notably under S&P's additional loss-absorbing capacity criteria.

The stable outlook on Permanent TSB Group mirrors that of its main operating subsidiary, Permanent TSB Plc. It also reflects S&P's view that the group's capitalization and earnings capacity will remain commensurate with the agency's expectations at this rating level over the next 12 months, and that an improvement in the agency's view of Irish economic risk is unlikely, in itself, to lead to an upgrade of the unit.

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