DBRS Confirms Irish Guaranteed Debt of permanent tsb plc at A (low); Trend Negative

DBRS, Inc. (DBRS) has today confirmed the A (low) long-term ratings and R-1 (low) short-term ratings of the Irish Government Guaranteed instruments issued by permanent tsb p.l.c. (permanent or the Bank). The trend on the long-term ratings is Negative and the trend on the short-term ratings is Stable. The aforementioned ratings have been removed from Under Review with Negative Implications, where they were placed on 24 May 2012.

This rating action follows DBRS’s confirmation of the A (low) rating of the Republic of Ireland with Negative trend. Today’s rating action does not impact the other ratings of the Bank including its Non-Guaranteed Long-Term Deposits and Non-Guaranteed Long-Term Debt ratings, which remain at BB (low), 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 DBRS ratings of the Republic of Ireland. 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: Roger Lister
Rating Committee Chair: Peter Burbank
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.