Ratings Affirmed On Irish Bank Subsidiaries Rated Above The Sovereign After Criteria Update May 11

Published: May 2011
Standard & Poors

FEATURED COMPANIES

Barclays Bank Ireland PLC
Barclays Bank PLC
Citibank Europe PLC
Citibank N.A.
Citigroup Inc.
Commerzbank AG
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Abstract
OVERVIEW On April 8, 2011, we published updated criteria clarifying our approach to rating corporate issuers above EMU sovereigns. We have reviewed the ratings on those Ireland-based banking subsidiaries with counterparty credit ratings above our ratings on the Republic of Ireland (BBB+/Stable/A-2). We are affirming the long- and short-term counterparty credit ratings on a number of institutions, reflecting their "core" group status and "low" domestic exposure. We therefore continue to rate these institutions above the sovereign, and in line with the main parental operating company in their respective groups domiciled outside Ireland. We are affirming the long- and short-term counterparty credit ratings on Barclays Bank Ireland PLC, reflecting its "core" group status and its "medium" domestic exposure. In line with...

Action: Affirmed

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- Barclays Bank Ireland PLC
- Bank of New York Mellon Corp.
- Wells Fargo & Co.
- Citibank N.A.
- Landesbank Hessen-Thueringen Girozentrale
- Barclays Bank PLC
- Bank of New York Mellon (The)
- Canadian Imperial Bank of Commerce
- Commerzbank AG
- Citigroup Inc.
- Helaba Dublin Landesbank Hessen-Thueringen International
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- Commerzbank Europe (Ireland)
- DZ Bank Ireland PLC
- Wells Fargo Bank N.A.
- CIBC World Markets Securities Ireland Ltd.
- The Bank of New York Mellon (Ireland) Ltd.
- Wells Fargo Bank International
- Citibank Europe PLC
- Naspa Dublin