DBRS Notes IL&P Name Change to permanent tsb p.l.c.; Ratings Unchanged at BB (low), UR - Negative

DBRS, Inc. (DBRS) has today changed the issuer name on its ratings for the former Irish Life & Permanent plc (IL&P) to permanent tsb p.l.c. (“permanent” or the Bank), to reflect the new legal name of the entity, which was announced on 29 June 2012.

The change in name has no impact on the existing ratings. The non-guaranteed debt ratings of the Bank remain Under Review with Negative Implications where they were placed on 4 April 2011. DBRS expects to conclude on the review upon further clarity on the strength of the franchise and future prospects, earnings generation ability, risk profile and financial risk profile of the restructured bank.

The ratings of the debt guaranteed by the Irish Government remains Under Review with Negative Implications, where they were placed on 24 May 2012 following DBRS’s placement of the ratings of the Republic of Ireland Under Review with Negative Implications.

Notes:
All figures are in EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. Both can be found on the DBRS website under Methodologies.

The sources of information used for this rating include company documents. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Lead Analyst: Steven Picarillo
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 27 October 2009
Most Recent Rating Update: 24 May 2012

For additional information on this rating, please refer to the linking document under Related Research.