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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.
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