Moody's upgrades AIB, Bank of Ireland

Moody's Investors Service said it upgraded the senior unsecured debt ratings of AIB Group plc and Bank of Ireland Group plc, the holding companies of Allied Irish Banks, plc and Bank of Ireland respectively, to Baa1 from Baa2.

The agency also affirmed the (P)A2 senior unsecured program rating of AIB and the Baa3 subordinated debt ratings of AIB and AIBG.

“The rating actions were driven by revisions to Moody's advanced loss given failure (Advanced LGF) framework, which is applied to banks operating in jurisdictions with operational resolution regimes, following the publication of Moody's updated banks methodology on July 9, 2021,” the agency said in a press release.

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