Agency upgrades outlook on BoI

The credit ratings agency Standard & Poor’s & has upgraded its outlook on Bank of Ireland, reaffirmed its negative outlook on AIB and Permanent TSB, and downgraded its outlook from stable to negative for Ulster Bank.

The agency also upgraded the outlook from stable to positive for KBC Ireland and Barclays Bank Ireland.

On Friday, S&P upgraded the outlook for Ireland from stable to positive. However, it is taking a less favourable view of the banks because most remain loss-making and struggling with elevated arrears and non-performing loans.