DBRS upgrades Allied Irish Banks

DBRS said it upgraded the non-guaranteed senior ratings of Allied Irish Banks plc (AIB), including its issuer rating, non-guaranteed long-term debt rating and non-guaranteed long-term deposit rating to BBB from BBB (low).

The bank’s non-guaranteed short-term debt and deposits ratings were upgraded to R-2 (high) from R-2 (middle), the long-term critical obligations rating (COR) was upgraded to A (low) from BBB (high), while the R-1 (low) short-term COR was confirmed.

The trend on all of the ratings, with the exception of the short-term COR rating, is positive; the trend on the short-term COR is stable.

The bank’s intrinsic assessment (IA) was upgraded to BBB and the support assessment maintained at SA3. The Irish government guaranteed long-term deposit rating was also confirmed at A (high), with a stable trend, reflecting DBRS’ rating on the Republic of Ireland

DBRS said the upgrade of the long-term ratings reflects the further improvement made by the bank in terms of core profitability and reducing impaired loans, which together with the comfortable funding profile and improved capital, resulted in much improved financial fundamentals.

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