Bank of Ireland rating upgraded by Moody’s
Moody’s has upgraded Bank of Ireland’s ratings today.
The bank’s the long-term issuer and senior unsecured ratings have been upgraded to A3 from Baa1, while its long-term deposit rating has moved to A2 from A3.
Moody's maintained the positive outlook on Bank of Ireland's senior unsecured and issuer ratings, and changed the outlook on the long-term deposit rating to stable from positive.
As part of the same action, Moody's affirmed the bank's standalone baseline credit assessment (BCA) of baa3 and the senior unsecured rating of Bank Of Ireland's holding company Bank of Ireland Group of Baa3, maintaining the positive outlook.
In the UK, the ratings agency changed the bank’s outlook to positive from stable.
The decision to upgrade the ratings is based on increases in the level of protection for the bank's senior unsecured debt and junior deposits, leading to greater protection for the bank's senior creditors according to Moody's 'Loss Given Failure' analysis.
Despite the upgrade, shares in the bank have opened down marginally this morning.
More to follow