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

DBRS Ratings Limited (DBRS) today has confirmed the A (low) long-term ratings and R-1 (low) short-term ratings of the Irish Government Guaranteed instruments issued by permanent tsb plc (PTSB or the Bank). The trend on the long-term ratings is Negative while the trend on the short-term ratings is Stable.

This rating action follows DBRS’s confirmation of the A (low) rating of the Republic of Ireland with a Negative trend on 22 November 2013. Today’s rating action does not impact the other ratings of PTSB including its Non-Guaranteed Long-Term Deposits and Non-Guaranteed Long-Term Debt ratings, which remain at BB (low) with a Negative trend.

As a result of the guarantee the ratings will move in line with the ratings of the Republic of Ireland.

Notes:
All figures are in Euros (EUR) unless otherwise noted.

The principal methodology applicable is: the Global Methodology for Rating Banks and Banking Organizations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments. The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/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.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Ross Abercromby
Rating Committee Chair: Roger Lister
Initial Rating Date: 27 October 2009
Most Recent Rating Update: 23 April 2013

DBRS Ratings Limited 1 Minster Court, 10th Floor
Mincing Lane
London
EC3R 7AA
United Kingdom
Registered in England and Wales: No. 7139960

For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.