Moody’s goes positive on Irish banks

Moody’s Investors Service said it changed its outlook for Allied Irish Banks, plc (AIB), Bank of Ireland (BOI) and Permanent tsb plc (PTSB) as well as the ratings of their holding companies AIB Group plc (AIBG), Bank of Ireland Group plc (BOIG) to positive from stable and affirmed their ratings.

The outlook on Permanent TSB Group Holdings plc remains positive and the agency affirmed its ratings as well.

“The outlooks on the long-term deposit, issuer and senior unsecured debt ratings of AIB, BOI and PTSB, where applicable, are positive. This reflects Moody's view that the financial performance of all three banks will continue to be strong, with asset risk maintained within a limited range relative to existing now materially reduced levels and strong capitalization levels being maintained supported by improved profitability relative to historical averages. Combined with the banks' strong deposit franchises and high levels of liquidity,

“Moody's considers that all three banks' financial performance could be commensurate with a higher rating over the next 12-18 months,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.