DBRS Confirms Irish Govt Gteed Deposits of permanent tsb p.l.c at A (high), Stable Trend

DBRS Ratings Limited (DBRS) has today confirmed the rating of permanent tsb p.l.c.’s (PTSB or the Bank) Long-Term Deposits Guaranteed by the Irish Government at A (high). The trend on the rating remains Stable.

This rating action follows DBRS’s confirmation of the Republic of Ireland at A (high) with a Stable trend on September 2, 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 Positive trend.

RATING DRIVERS
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 EUR unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations (July 2016). 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 Support (February 2016). These 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 to be 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 historical default rates published by the European Securities and Markets Authority (“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: June 47, 2016

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