Fitch upgrades Bank of Ireland Group

Fitch Ratings said it upgraded Bank of Ireland Group plc's (BOIG) long-term issuer default ratings to BBB+ from BBB and its main operating subsidiary, Bank of Ireland's (BOI) long-term IDR to A- from BBB+.

“The upgrades reflect the recent asset quality improvements, which we believe are structural, stronger capital due to the reduction in legacy impaired loans and better profitability prospects for BOIG's enhanced business model after recent strategic initiatives, also supported by a higher rate environment,” Fitch said in a press release.

The outlook is stable.

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