Moody's upgrades Irish banks' government-guaranteed debt

Moody's Investors Service said it upgraded to Baa1 from Baa3 the government-guaranteed debt ratings of Allied Irish Banks, plc, EBS Ltd., Bank of Ireland and Permanent tsb plc. The outlook on these debt ratings was changed to stable from positive.

The action follows Moody's upgrade of Ireland's government bond rating to Baa1 from Baa3 and the change in outlook on this rating to stable from positive.

These four banks have all issued public debt under the Eligible Liabilities Guarantee scheme, which ceased on March 28, 2013 for new issuances. The agency said the Baa1 government-backed ratings are based on the unconditional and irrevocable guarantee from the Irish government.

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