Moody’s upgrades Permanent TSB ratings after capital raise

Moody’s has upgraded Permanent TSB’s deposit and senior unsecured ratings on the back of its recent €525m capital raise.

The ratings agency has elevated PTSB’s deposit rating to B1 from B3 while its senior unsecured rating has been upped from Caa1 to B2.

The move comes weeks after the majority State-owned lender raised €400m through the sale of 88.9bn ordinary shares while a further €125m was also raised via a bond sale.