Download full report with analyst certification and important disclosures
Dec 5 2019, 09:55 GMT
Banks
Moody’s upgrades Irish bank credit ratings
- Sectors : Banks
- Companies : permanent tsb Group | AIB Group | Bank of Ireland
Ratings
Ratings and price correct at time of issue
| Company | Rating | Date | Previous Rating | Date | Closing Price |
|---|---|---|---|---|---|
| AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 310c |
| Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 465c |
| permanent tsb Group | NEUTRAL | 06/03/19 | Outperform | 01/08/18 | 96.0c |
DAVY VIEW
The upgrade to each of the three Irish banks’ credit ratings reflects progress on non-performing loan (NPL) reduction as well as improved capital and funding. This will support banks’ efforts to fill out their MREL funding requirement, particularly in the case of PTSB following its two-notch upgrade. In the case of AIB and BOI, their Tier 2 subordinated debt is now at investment grade.
