Moody’s ups Bank of Ireland (UK) to Baa3

Moody's Investors Service said it upgraded the long-term deposit ratings of Bank of Ireland (UK) plc (BOI UK) to Baa3 from Ba1.

The agency also upgraded the bank's baseline credit assessment and adjusted BCA to baa3 from ba1 and its long-term counterparty risk assessment to A3(cr) from Baa1(cr). The short-term counterparty risk assessment was confirmed at Prime-2(cr).

The outlook on the long-term deposit ratings is positive.

The bank's short-term deposit ratings were upgraded to Prime-3 from Not Prime.

Moody’s said the upgrade reflects: (a) The progress the bank has made toward reducing financial and operational linkages with Bank of Ireland (BOI) and therefore reducing its likelihood of failure; and (b) relatively strong financials compared with those of its parent, Bank of Ireland (BOI, long-term deposit ratings Baa1/long-term issuer ratings Baa2, positive outlook, BCA ba1).

This action concludes a review process initiated in October.

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