Moody's: Bank of Ireland Group capital securities Ba2

Moody's Investors Service said it assigned a Ba2(hyb) rating to the additional tier 1 preferred stock non-cumulative €675 million note to be issued by Bank of Ireland Group plc.

“This perpetual non-cumulative AT1 security ranks junior to all liabilities of BOI Group and ranks senior to common shares. Coupons may be canceled on a non-cumulative basis at the issuer's option and on a mandatory basis subject to the availability of distributable items and regulatory discretion. The principal of the security will be written-down if BOI's common equity tier 1 (CET1) ratio falls below 7%. The principal amount can be written-up at the sole discretion of the bank,” Moody’s said in a press release.

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