Moody’s ups Irish banks

Moody’s Investors Service said it upgraded AIB Group plc’s senior unsecured ratings to A3 from Baa1 and subordinate debt rating to Baa2 from Baa3. The agency also raised Bank of Ireland’s senior unsecured ratings to A1 from A2 and junior subordinate rating to Baa3 (hyb) from Ba1 (hyb). The outlook for both remains stable.

The upgrades follow the change of Ireland's macro profile to strong + from strong on greatly reduced private sector debt and the improved Irish economic resilience, which also contributed to the upgrade of the government of Ireland's long-term issuer ratings to A1 from A2, the agency said.

Furthermore, Moody's placed Permanent tsb plc's and its holding company Permanent TSB Group Holdings plc's senior unsecured debt ratings on review for upgrade.

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