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Barclays Bank Ireland PLC L-T Rating Raised To 'AA'; S-T Affirmed; Outlook Stable Jul 06
Standard & Poors, July 2006
Abstract
LONDON (Standard & Poor's) July 5, 2006--Standard & Poor's Ratings Services said today it raised its long-term counterparty credit rating on Barclays Bank Ireland PLC (BBI) to 'AA' from 'AA-'. At the same time, the short-term counterparty credit rating was affirmed at 'A-1+'. The outlook is stable. 'The upgrade reflects BBI's satisfactory fundamentals and its revised position as a core subsidiary of Barclays Bank PLC, which owns 100% of BBI,' said Standard & Poor's credit analyst Nick Hill. Capitalization is good and risk management is sound, benefiting from its common approach with Barclays. Diversification is low, however, and dependence on short-term funding is likely to be high. BBI is a small corporate bank located in Dublin, and was authorized in...
Companies mentioned in this report are: Barclays Bank Ireland PLC,Barclays Bank PLC
Action: Affirmed
Action: Outlook: Stable
Action: Upgraded
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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