S&P acts on Irish Banks

S&P said it affirmed the ratings on Bank of Ireland Group plc at BBB-/A-3 and on Bank of Ireland at BBB/A-2. The outlooks were revised to positive from stable.

The agency also affirmed the ratings on Allied Irish Banks plc at BBB-/A-3 and the BB+/B ratings on AIB Group (UK) plc and revised the outlooks to positive from stable.

S&P affirmed the BBB/A-2 ratings on Ulster Bank Ireland DAC. The outlook remains positive.

The agency affirmed the B+/B ratings on Permanent TSB Group Holdings plc and the BB/B ratings on Permanent TSB plc. The outlooks remain positive.

S&P also affirmed the BBB-/A-3 ratings on KBC Bank Ireland plc. The outlook remains positive.

The positive actions reflect a view that the Irish banking system is successfully working through its past failings, the agency explained.

“We believe that its industry risk profile is now less of a negative outlier relative to other eurozone banking systems,” S&P said in a news release.

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