Fitch Upgrades 3 Irish Banks' State-Guaranteed Notes on Sovereign Upgrade

Tue Aug 19, 2014 9:35am EDT

(The following statement was released by the rating agency) LONDON, August 19 (Fitch) Fitch Ratings has upgraded the state-guaranteed long-term senior notes of Bank of Ireland (BOI, BBB/ Negative /bb-), Allied Irish Banks, plc (AIB, BBB/Negative/b+) and EBS Limited (EBS, BBB/Negative) to 'A-' from 'BBB+'. A full list of rating actions is at the end of this rating action commentary. The rating actions follow the upgrade of Irish's sovereign Long-Term foreign currency Issuer Default Rating (IDR; see 'Fitch Upgrades Ireland to 'A-', Outlook Stable' dated 15 August 2014 at KEY RATING DRIVERS AND SENSITIVITIES - SENIOR NOTES The government-guaranteed notes issuances are senior unsecured instruments that bear the full guarantee of the Irish state. Consequently, their ratings are the highest of the issuer's Long-term IDR and Ireland's Long-term foreign currency IDR. Irish banks' government-guaranteed notes ratings are sensitive to any changes to Ireland's sovereign ratings. The rating actions are as follows: AIB Sovereign-guaranteed Long-term notes (XS0496222877): upgraded to 'A-' from 'BBB+' EBS Sovereign-guaranteed Long-term notes (XS0490069266, XS0496459610): upgraded to 'A-' from 'BBB+' BOI Sovereign-guaranteed Long-term notes (XS0489634393, XS0482810958): upgraded to 'A-' from 'BBB+' Contact: Primary Analyst Denzil De Bie Director +44 20 3530 1592 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Alan Milne Associate Director +44 20 3530 1491 Committee Chairperson Christian Scarafia Senior Director +44 20 3530 1012 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: Additional information is available at Applicable criteria, 'Global Financial Institutions Rating Criteria' dated 31 January 2014 are available at Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.