Moody’s lifts Electricity Supply Board

Moody's Investors said it upgraded the long-term issuer rating of Electricity Supply Board and the backed senior unsecured debt ratings of its financing subsidiary ESB Finance DAC to A3 from Baa1.

Concurrently, Moody's upgraded the rating on the euro medium-term note program of Electricity Supply Board and ESB Finance to provisional A3 from provisional Baa1 and affirmed Electricity Supply Board’s short-term issuer rating at Prime-2.

The outlook was changed to stable from positive.

Moody’s said the action follows its Sept. 15 upgrade of Ireland's long-term government bond rating to A2 with a stable outlook from A3 with a positive outlook.

The one-notch upgrade reflects the improved credit quality of the Irish government and the agency’s assessment of the likelihood of the government providing support to Electricity Supply Board, should it become necessary.

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