Fitch revises Irish banks outlooks, lifts EBS

Fitch Ratings said it affirmed the support-driven ratings of five Irish banks and their subsidiaries and upgraded the long-term issuer default rating of EBS Ltd. to BBB from BBB-.

The outlook has been revised to stable from negative on the following banks: AIB, AIB Group (UK) plc, EBS Ltd., BOI, BOI Mortgage Bank, BOI UK plc, PTSB, IBRC, IBRC Mortgage Bank and Ulster Bank Ireland Ltd.

Fitch said the revision of the outlook on the Irish banks' long-term issuer default ratings to stable follows the affirmation of the Irish sovereign rating at BBB+ and revision of the outlook to stable.

The issuer default ratings of all the Irish banks, apart from Ulster Bank Ireland Ltd. and EBS Ltd., are at their support rating floors, reflecting Fitch's view that the Irish authorities and the ECB will continue to provide support to the Irish domestic banking system if needed.

The upgrade of EBS reflects its integration as a fully owned, separately branded subsidiary of Allied Irish Banks plc. Fitch believes it is extremely likely that EBS would be supported by its parent and ultimately the Irish government. Its ratings have therefore been equalized with those of AIB.

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