DBRS Downgrades Irish Guaranteed Debt Issued by Irish Life & Permanent plc to AA, Trend Stable

DBRS today has downgraded the long-term ratings of the Irish Government Guaranteed instruments issued by Irish Life & Permanent plc (IL&P) to AA from AA (high). This rating action only impacts the Long-Term Deposits and Long-Term Debt Guaranteed by the Irish Government. Concurrently, DBRS has confirmed the R-1 (high) ratings of the Short-Term Deposits and Short-Term Debt that are guaranteed by the Irish Government. The trend on the above ratings is now Stable. Today’s rating action does not impact IL&P’s other ratings, including its Non-Guaranteed Long-term Deposits and Non-Guaranteed Long-Term Debt ratings, which remain at BBB (high) with a Stable trend.

This rating action follows the initiation of DBRS’s rating on the Republic of Ireland, which, at AA, is one notch lower than DBRS’s previous internal assessment of the sovereign.

Notes:
All figures are in EUR unless otherwise noted.

For further information related to DBRS’s rating of the Republic of Ireland please see the related press release using the link below or see our website.

The applicable methodologies are Global Methodology for Rating Banks and Banking Organisations and Enhanced Methodology for Bank Ratings – Intrinsic and Support Assessments, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.