S&P changes Irish bank outlook

S&P said affirmed the ratings and changed the outlooks to negative from stable on several Ireland-based banks citing a severe economic downturn.

“Even under our base case of an economic recovery starting in third-quarter 2020, we expect Irish banks' earnings, asset quality, and in some cases, capitalization, to weaken meaningfully through year-end 2020 and into 2021,” S&P said in a press release.

The banks are Allied Irish Banks plc, its nonoperating holding company AIB Group plc, and U.K.-based subsidiary AIB Group (UK) plc; Bank of Ireland and its NOHC Bank of Ireland Group plc; and

Permanent TSB plc and its NOHC Permanent TSB Group Holdings plc.

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