DBRS: Allied Irish Banks to positive

DBRS said it confirmed the non-guaranteed senior ratings of Allied Irish Banks plc, including its BBB (low) non-guaranteed long-term debt and non-guaranteed long-term deposit ratings.

The bank’s R-2 (middle) non-guaranteed short-term debt and deposits ratings, BBB (high) long-term critical obligations rating and R-1 (low) short-term critical obligations rating were all also confirmed.

The trend on all of the ratings, with the exception of the short-term critical obligations rating, was changed to positive from stable. The trend on the short-term critical obligations rating remains stable.

The intrinsic assessment (IA) was maintained at BBB (low) and the support assessment at SA3. The bank’s Irish government guaranteed long-term deposit rating was also confirmed at A (high), with a stable trend, reflecting DBRS’ rating on the Republic of Ireland.

DBRS said the change in the trend to positive reflects the continued improvement made by the Bank in terms of profitability and asset quality, as well as the recent capital restructuring, and expectations that these trends will continue over the next year.

Further evidence of the improved core profitability and a continuation of the improvement in asset quality could have positive rating implications, while a substantial deterioration in profitability or a deterioration in the bank’s risk profile could have negative implications, the agency said.

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