Moody’s ups Bank of Ireland, Allied Irish Banks

Moody's Investors Service said it upgraded the long-term debt and deposit ratings of Bank of Ireland (BOI) and Allied Irish Banks, plc (AIB).

As part of the same action, the agency upgraded the baseline credit assessments.

“The rating upgrades reflect a range of positive factors, including further reduction in non-performing loans, improved capital ratios and achievement of stable core profitability," Moody’s vice president, senior credit officer Irakli Pipia said in a news release.

"However, AIB's higher stock of problem loans, continues to justify a difference in the base line credit assessment of AIB relative to BOI."

The agency maintained a positive outlook on Bank of Ireland’s long-term senior unsecured debt and deposit ratings. It revised the outlook on Allied Irish Banks’ long-term senior unsecured debt and deposit ratings to stable from positive.

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