S&P lifts Allied Irish Banks

S&P said it raised its long- and short-term issuer credit ratings on Allied Irish Banks plc to BBB/A-2 from BBB-/A-3.

The agency also raised the long- and short-term issuer ratings on AIB Group (UK) plc to BBB-/A-3 from BB+/B.

At the same time, the agency affirmed the BB+/B ratings on AIB Group plc.

The outlooks remain positive.

S&P raised the long- and short-term resolution counterparty ratings on Allied Irish Banks to BBB+/A-2 from BBB/A-2 and affirmed the resolution counterparty ratings on AIB UK at BBB/A-2.

The agency affirmed the ratings on the hybrid instruments issued by Allied Irish Banks.

“We have raised the ratings on Allied Irish Banks, the main operating bank of AIB, to reflect our view of the proactive progress that the group is making to build up its minimum requirement for own funds and eligible liabilities (MREL), which we reflect in our additional loss-absorbing capacity (ALAC) analysis,” S&P said in a news release.

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