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S&P rates AIB tier 1 notes B+
S&P said it assigned a B+ long-term issue rating to the high-capital trigger additional tier 1 (AT1) perpetual capital notes issued by AIB Group plc.
The notes are being sold to replace the AT1 notes issued in 2015 by the group's operating bank, Allied Irish Banks.
Depending on market conditions, S&P said it expects the bank to call these notes in full by end-2020.
The B+ rating is four notches under S&P’s BBB- rating on AIB for subordination, discretionary coupon payments and regulatory consideration as tier 1 capital and a contractual write-down clause, S&P said.
The ratings for AIB Group and Allied Irish Banks remain unchanged, S&P said.
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