DBRS upgrades Permanent TSB

DBRS said it upgraded the long-term issuer rating of Permanent TSB plc to BBB (low) from BB (high), and the long-term issuer rating of Permanent TSB Group Holdings plc to BB (high) from BB.

“The rating action primarily reflects the group’s further reduction of its non-performing loans (NPLs). It also incorporates the group’s recent issuance of its inaugural MREL eligible holding company senior debt in October 2019 evidencing the group’s improved market access. DBRS Morningstar expects that, with significant lower NPLs and an improved capital position following the NPL sales, the group should be in an improved position to grow lending and strengthen profitability. The ratings continue to reflect the sound funding, liquidity and capital position, which has been further strengthened with the significant reduction in NPLs,” said DBRS in a press release.

The trend is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.