Fitch ups Bank of Ireland

Fitch Ratings said it upgraded Bank of Ireland Group plc's (BOIG) and Bank of Ireland's (BOI) long- and short-term issuer default rating and viability ratings to BBB/F2/bbb from BBB-/F3/bbb-.

The agency also upgraded Bank of Ireland (UK) plc's long-term issuer default rating and viability rating to BBB/bbb from BBB-/bbb-. Its short-term issuer default rating was affirmed at F3.

The outlooks for all long-term issuer default ratings are stable.

In addition, Fitch assigned a BBB(dcr) derivative counterparty ratings (DCR) to BOI and BOI UK as part of its roll-out of significant derivative counterparties in western Europe and the U.S.

Fitch said the issuer default ratings of BOIG and BOI UK reflect their standalone strength as reflected in their respective viability ratings, which the agency upgraded.

In BOIG and BOI, the upgrade reflects improving asset quality, a longer record of stable profitability and strengthened capitalization. BOI UK's upgrade reflects further reductions in the bank's legacy commercial book and sound capitalization, Fitch explained.

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