DBRS Upgrades Irish Gteed LT Deposits of permanent tsb p.l.c to A (high), Stable Trend

DBRS Ratings Limited (DBRS) has today upgraded the Long-Term Deposits Guaranteed by the Irish Government of permanent tsb p.l.c. (PTSB or the Bank) to A (high). The trend on the Guaranteed Long-Term Deposits is now Stable. Concurrently, DBRS has discontinued the ratings on PTSB’s Long-Term Debt Guaranteed by the Irish Government as this debt has now been repaid.

This rating action follows DBRS’s upgrade of the Republic of Ireland to A (high) / R-1 (middle) with a Stable trend on March 11, 2016. 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 Stable trend.

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

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

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (December 2015). Other applicable methodologies include the DBRS Criteria – Support Assessments for Banks and Banking Organisations (March 2016), DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016) and DBRS Criteria: Guarantees and Other Forms of Explicit Support (February 2016).These can be found can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include SNL Financial, company documents and the National Treasury Management Agency. 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: October 27, 2009
Most Recent Rating Update: September 29, 2015

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