DBRS Assigns B (high) LT Issuer Rating to PTSB Group Holdings plc, Positive Trend

DBRS Ratings Limited (DBRS) has today initiated ratings coverage on Permanent TSB Group Holdings plc (PTSBGH or the Group). DBRS has assigned a B (high) Long-Term Issuer Rating, with a Positive trend and a Short-Term Issuer Rating of R-4, with a Stable trend. Today’s rating action does not impact the existing ratings of permanent tsb p.l.c. (PTSB or the Bank). The Intrinsic Assessment (IA), Issuer Rating and Non-Guaranteed Long-Term ratings of permanent tsb, the Group’s operating bank, are currently BB (low) with a Positive trend, and its Non-Guaranteed Short-Term Debt and Non-Guaranteed Short-Term Deposits ratings are R-4 with a Stable trend.

The Long-Term Issuer Rating of PTSBGH is one notch below the BB (low) IA of permanent tsb. This reflects the inherent structural subordination of the holding company, and DBRS’s expectation that should there be need for a resolution plan to be enforced, then PTSBGH would act as the single point of entry.

RATING DRIVERS
The ratings of PTSBGH will generally move in tandem with the IA of permanent tsb.

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) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2016). These can be found at: http://www.dbrs.com/about/methodologies

The sources of information used for this rating include SNL Financial and company reports. 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 - Senior Vice President, Global Financial Institutions Group
Rating Committee Chair: Elisabeth Rudman - Managing Director, Head of EU FIG, Global Financial Institutions Initial Rating Date: October 27, 2009
Most Recent Rating Update: June 14, 2016

DBRS Ratings Limited
20 Fenchurch Street
31st Floor
London
EC3M 3BY
United Kingdom
Registered in England and Wales: No. 7139960

Information regarding DBRS ratings, including definitions, policies and methodologies, is available on www.dbrs.com.