DBRS Confirms Irish Gteed LT Debt of Allied Irish Banks, p.l.c. at A (low); Trend Revised to Stable

DBRS Ratings Limited (DBRS) has today confirmed the A (low) Long-Term ratings of the Irish Government Guaranteed instruments issued by Allied Irish Banks, p.l.c. (AIB or the Group). The trend on the Long-Term ratings has been revised to Stable from Negative.

This rating action follows DBRS’s confirmation of the A (low) rating of the Republic of Ireland and the trend change to Stable from Negative on March 28, 2014. Today’s rating action does not impact the other ratings of AIB including its Non-Guaranteed Long-Term Deposits and Non-Guaranteed Long-Term Debt ratings, which remain at BBB (low) with a Negative trend.

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

Concurrently the Short-Term ratings of the Irish Government Guaranteed instruments issued by AIB have been withdrawn. This reflects that the Eligible Liabilities Guarantee (ELG) Scheme expired on March 28, 2013, and therefore there are no longer any guaranteed short-term liabilities outstanding.

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: Support Assessment for Banks and Banking Organisations. 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.

This is an unsolicited rating. This credit rating was not initiated at the request of the issuer.

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: Elisabeth Rudman
Initial Rating Date: October 20, 2005
Most Recent Rating Update: November 27, 2013

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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

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