Fitch: Bank of Ireland Group BBB-

Fitch Ratings said it assigned Bank of Ireland Group plc (BOIG) a long-term issuer default rating of BBB-, a viability rating of bbb- and a short-term issuer default rating of F3.

The outlook on the long-term issuer default rating is positive.

Bank of Ireland Group is the newly established holding company and ultimate parent of the Bank of Ireland group and its ratings are equalized with those of its wholly owned subsidiary, Bank of Ireland (BOI; BBB-/positive/bbb-), the group's main operating subsidiary.

“The establishment of BOIG as a holding company is part of a reorganization aimed at improving the ability to resolve the group in line with the Single Resolution Board and Bank of England's preference for a single point of entry approach to bank resolution once there is sufficient bail-in debt issued by the holding company,” Fitch said in a news release.

“The single point of entry approach should allow for a bail-in of holding company debt without causing a default of the main operating subsidiaries.”

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