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Summary: Irish Life & Permanent PLC Aug 11
Standard & Poors, August 2011
The ratings on Ireland-based Irish Life & Permanent PLC (ILP) reflect Standard & Poor's Ratings Services' view of its high systemic importance given its significant share of the Irish mortgage market as well as the continuing liquidity and funding support ILP receives from the Irish government (Republic of Ireland, BBB+/Stable/A-2) and monetary authorities. We factor one notch of government support into the long-term rating on ILP above the stand-alone credit profile (SACP). We incorporate ILP's capital-raising initiatives into the SACP though we expect further losses to reduce capital over the two-year rating horizon. We consider the bank's currently fragile funding situation as the main rating weakness. We also see longer-term challenges to the bank's business model, with weak earnings prospects...
Companies mentioned in this report are:
- Permanent TSB PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Permanent TSB PLC