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Research Update: Ulster Bank 'BBB+/A-2' Ratings Affirmed, Off Watch Following Irish Sovereign Action, Outlook Negative Jan 12 Product Image

Research Update: Ulster Bank 'BBB+/A-2' Ratings Affirmed, Off Watch Following Irish Sovereign Action, Outlook Negative Jan 12

  • Published: January 2012
  • Region: Ireland
  • Standard & Poors

Abstract
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: Affirmed
Action: Outlook: Negative
Action: Removed From CreditWatch

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress READ MORE >

Ulster Bank Ltd.,Ulster Bank Finance PLC,Ulster Bank Ireland Ltd.

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