Research Update: Ulster Bank 'BBB+/A-2' Ratings Affirmed, Off Watch Following Irish Sovereign Action, Outlook Negative Jan 12
- ID: 2042660
- January 2012
- Region: Ireland
- Standard & Poors
Standard & Poor's affirmed its 'BBB+/A-2' sovereign credit ratings on the Republic of Ireland on Jan. 13, 2012, and removed the ratings from CreditWatch with negative implications. We are affirming our 'BBB+/A-2' long- and short-term counterparty credit ratings on U.K.-based bank Ulster Bank Ltd. (UBL) and its Irish subsidiary, Ulster Bank Ireland Ltd. (UBIL). We are also removing the long-term and short-term ratings from CreditWatch negative, where they were placed on Dec. 7, 2011. The outlook is negative, which matches that on the Irish sovereign and our view that we would not rate UBL or UBIL above the Irish sovereign. On Jan. 20, 2012, Standard & Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term counterparty credit ratings on...
Companies mentioned in this report are: Ulster Bank Ltd.,Ulster Bank Finance PLC,Ulster Bank Ireland Ltd.
Action: Outlook: Negative
Action: Removed From CreditWatch
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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