S&P gives IL&P and BoI negative outlooks

BANK of Ireland Plc and Irish Life & Permanent Plc had their credit ratings affirmed by Standard & Poor’s, along with two other banks, and were given negative outlooks.

S&P removed the two Dublin -based banks, together with Ulster Bank Ireland Ltd and Barclays Bank Ireland Plc, from CreditWatch negative, the ratings company said yesterday.

S&P affirmed Ireland’s ‘BBB+ /A-2’ sovereign credit ratings, while saying the outlook is negative. “All of our rated Irish banks now have a negative outlook, except for Irish Bank Resolution Corporation Limited,” S&P said.

“The negative outlook is consistent with our view that while the Irish Government has executed strongly on its fiscal consolidation, the economy, Government finances and the banks continue to be at risk from a marked and sustained deterioration in the external environment.”